Treasury

The U.S. Treasury cash balance inside its bank account at the Federal Reserve continues to shrink at an alarming level as the department attempts to prevent the federal government from defaulting. According to the latest Daily Treasury Statement, the Treasury General Account (TGA) opening balance was $87.431 billion on May 16, down from about $143 […]

The Treasury Department is clarifying what counts as being made in America. Saying on Friday, companies can claim tax credits even if their panels are entirely made in China. Under the Inflation Reduction Act, companies can qualify for tax credits if 40 percent of the panels’ components are made in the U.S. That’s to boost […]

The Biden Administration has proposed an expansion of current contraceptive coverage under the Affordable Care Act (ACA) by removing an existing Trump-era policy that made it easier for employers to deny birth control coverage in company-sponsored health plans. The Departments of Health and Human Services (HHS) and the Treasury proposed the rule on Jan. 30, […]

The United States has officially reached its statutory debt limit (pdf) of $31.381 trillion on Jan. 19 as was predicted by Treasury Secretary Janet Yellen in a letter to Congress (pdf) on Jan. 13. The Treasury Department will now have to implement extraordinary measures to prevent default on the national debt. In her letter, Yellen explained that […]

Treasury Security Janet Yellen warned the United States is projected to hit its $31.4 trillion debt borrowing limit by next week, according to a letter she sent to congressional leaders on Friday. In a letter (pdf) to House Speaker Kevin McCarthy (R-Calif.), Yellen wrote that according to projections, the country will hit the debt ceiling […]

WASHINGTON—The Biden administration is moving one step closer to developing a central bank digital currency, known as the digital dollar, saying it would help reinforce the U.S. role as a leader in the world financial system. The White House said on Sept. 16 that after President Joe Biden issued an executive order in March calling […]

The Treasury said it is looking at all options so that the next prime minister can hit the ground running to help hard-pressed families. Boris Johnson pitched in too, suggesting that more support will be offered after he leaves office. It comes with the latest warnings that average energy bills could hit 5,300 pounds ($6,400) by spring.

Treasury Secretary Janet Yellen on Sunday again downplayed fears of a possible recession Sunday but admitted an economic slowdown is occurring. Instead of a looming recession, Yellen told NBC News the U.S. economy is in “a period of transition in which growth is slowing,” which is “necessary and appropriate, and we need to be growing […]

A recessionary red flag was raised on Monday when the yield curve inverted on the bellwether 2-year/10-year U.S. Treasury spread on expectations that the Federal Reserve might tighten monetary policy faster and further in a bid to tame soaring inflation. The U.S. 2-year Treasury yields climbed above 10-year borrowing costs on June 13 for the first […]

American taxpayers could be in for a “frustrating season” when it comes to filing their taxes this year due to delays caused by the COVID-19 pandemic and budget cuts to the IRS, Treasury Department officials warned on Monday. The IRS will start accepting and processing 2021 returns on Jan. 24 and the filing deadline for most taxpayers […]

The House voted early Wednesday to raise the debt ceiling by $2.5 trillion until 2023, just in time for the deadline set by the Treasury Department, potentially avoiding an economic crisis. Lawmakers passed the bill, which increases the limit to close to $31 trillion, in a 221-209 vote with just one Republican, Rep. Adam Kinzinger (R-Ill.), voting yes. The […]

U.S. Treasury Secretary Janet Yellen talked to China’s top trade negotiator Liu He via video call on Oct. 25, during which the two sides raised their respective concerns. Yellen “frankly raised issues of concern,” the U.S. Treasury announced in a short statement without elaborating what the issues were. The statement did add that the two […]

Treasury Secretary Janet Yellen on Tuesday warned members of Congress that the United States’ cash reserves will likely be exhausted unless lawmakers vote to raise or suspend the debt ceiling by Oct. 18, warning that it’s not clear if the United States would be able to meet all of its financial obligations if no deal […]

The Senate confirmed Janet Yellen as the nation’s 78th secretary of the Treasury. The 84-15 vote marks the first time a woman is in the role.  

The U.S. Senate has confirmed Janet Yellen as the nations’ 78th secretary of Treasury. The 84–15 Senate confirmation vote late Jan. 25 marks the first time a female will take up the role, and the oldest to hold the role in recent history. Yellen, 74, is the third member of President Joe Biden’s cabinet to be […]

Americans can expect to start receiving a second round of stimulus checks, with some coming as early as Tuesday night, according to the Treasury Department.

The U.S. Department of State and Treasury Department on Friday took action against a Venezuelan election systems company for supporting socialist dictator Nicolás Maduro’s allegedly fraudulent Dec. 6 legislative elections. The firm, Ex-Cle Soluciones Biometricas C.A. (Ex-Cle C.A.), is accused of materially supporting Maduro’s regime by “providing goods and services that the Maduro regime used to […]