New borrowing authority is needed by December 15 to avoid a shutdown. House Majority Leader Steny Hoyer said Monday that the House will vote on a bill to…
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Congress Nears Debt Limit Deadline
No deals are currently on the horizon. The deadline to increase the federal debt limit is only weeks away—December 15. Senate Majority Leader Chuck Schumer of New York and…
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G20 Leaders Endorse Global Minimum Tax
The deal removes offshore incentives for American companies. World leaders meeting in Rome on Sunday for the G20 summit announced their endorsement of global minimum tax. The leaders…
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Treasury Department Names Racial Equity Counselor
New program will look at banking and other financial services industries. Treasury Secretary Janet Yellen announced the hiring of a former JPMorgan Chase executive to head a new government program…
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Budget Results Released for Fiscal Year 2021
Treasury secretary and acting OMB director issue joint statement. U.S. Treasury Secretary Janet Yellen and White House Office of Management and Budget Acting Director Shalanda Young released a…
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Schumer Wants Action on Debt Ceiling This Week
Treasury Secretary warns October 18 is the deadline. Senate Majority Leader Chuck Schumer of New York said in a letter to colleagues Monday that legislators must act to…
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Speaker Says Congress Has Options on Debt Ceiling
Treasury Secretary says not raising the ceiling would be “catastrophic.” As members of Congress return from its Labor Day recess, they must address raising or suspending the debt…
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Social Security Reserves Estimated Depleted by 2033
Coronavirus pandemic accelerated depletion by one year. The Social Security trust fund for retirement and survivors benefits is estimated to have its reserves depleted in 2033, which is…
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Taliban Barred from Afghan Funds in U.S. Banks
Treasury Department froze billions in the accounts. Treasury Secretary Janet Yellen and officials in the Department of the Treasury’s Office of Foreign Assets Control directed the freezing of…
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U.S. Debt Ceiling Deadline Missed
Treasury Department beginning “extraordinary measures.” Congress limits how much money the government can borrow, and once the debt limit is reached, legislators must raise or suspend the debt…
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