United States Department of the Treasury

Republicans see no problem with government defaulting on debt

Republicans see no problem with government defaulting on debt

The Obama administration says a U.S. default would be “catastrophic.” Economists say it could plunge the country into recession and prompt a global financial meltdown. To many Republicans, however, the prospect of the world’s lone superpower juggling its bills doesn’t seem so bad. The government could muddle through without a debt-ceiling increase as long as […]

Obama delays 2012 budget release

Obama delays 2012 budget release

President Barack Obama, who has pledged to tackle long-term U.S. debt and deficit challenges, will delay the delivery of his fiscal year 2012 budget by about a week until after February 14. An administration official said on Monday the delay was due to the long time it took for the U.S. Senate to confirm Jack […]

Treasury Department cleared U.S. business with Iran

Treasury Department cleared U.S. business with Iran

The Treasury Department has granted nearly 10,000 special licenses to American companies over the past decade so they could sell some types of products in Iran and other countries the U.S. considers terrorist sponsors, The New York Times reported Thursday. Companies such as Kraft Food and Pepsi and some of the largest U.S. banks benefited, […]

Somebody needs to foreclose on the government’s foreclosure program

Somebody needs to foreclose on the government’s foreclosure program

The Obama administration‘s central foreclosure-prevention effort won’t reach its original goals and the government should come up with clear, measurable objectives for the two-year-old program, according to a new report from a congressional watchdog. Because the Treasury Department has failed to properly analyze the program it runs, it is nearly impossible for overseers and the […]

Maxine Waters: Another ethics mess for Democrats

Maxine Waters: Another ethics mess for Democrats

A second House Democrat, Rep. Maxine Waters of California, could face an ethics trial this fall, further complicating the election outlook for the party as it battles to retain its majority. People familiar with the investigation, who were not authorized to be quoted about charges before they are made public, say the allegations could be […]

Government debt reaches record $13 trillion

Government debt reaches record $13 trillion

US debt has reached 13 trillion dollars for the first time in history, the Treasury Department said Wednesday, stoking a political furor over government spending. Amid vast government outlays designed to end the economic crisis, the debt reached a record 13,050,826,460,886.97 dollars on June 1, according to official figures. The debt has increased by around […]