Latest U.S. Department of the Treasury News
Biden and McCarthy reach a final deal to avoid US default and now must sell it to Congress
WASHINGTON (AP) — With days to spare before a potential first-ever government default, President Joe Biden and House Speaker Kevin McCarthy reached final agreement Sunday on a deal to raise the nation's debt ceiling and worked to ensure enough support in Congress to pass the measure in the coming...
Debt ceiling tests Speaker McCarthy as he rides breezily through high-wire act of his career
WASHINGTON (AP) — One morning during the debt ceiling crisis, House Speaker Kevin McCarthy climbed onto his mountain bike and took a ride along the National Mall, marveling at the monuments. The next day he arrived for negotiations at the Capitol carting in tortilla chips and queso...
What's next on the debt ceiling: Selling the plan and making a deal into a law
WASHINGTON (AP) — After weeks of negotiations, President Joe Biden and House Speaker Kevin McCarthy have announced an “ agreement in principle ” to raise the nation’s debt ceiling and avoid a potentially catastrophic default. The agreement includes spending...
Biden, GOP reach tentative deal to raise debt ceiling, avoid calamitous US default
WASHINGTON (AP) — President Joe Biden and House Speaker Kevin McCarthy reached an “agreement in principle” to raise the nation's legal debt ceiling late Saturday as they raced to strike a deal to limit federal spending and avert a potentially disastrous U.S. default. However,...
X marks the spot: Yellen tells Congress US could run out of money to pay all its bills by June 5
WASHINGTON (AP) — Treasury Secretary Janet Yellen told Congress on Friday that the U.S. could default on its debt obligations by June 5 — four days later than previously estimated — if lawmakers do not act in time to raise the federal debt ceiling. Yellen’s letter comes as...
It's complicated: 'X-date' calculations aim to zero in on when the US may run short of cash
WASHINGTON (AP) — For all the concern over just when the government might run short of money to pay its bills, it turns out that no one can be absolutely sure exactly when the country will default — what officials are calling the “X-date” — if there's no deal to raise the debt limit. ...
Debt ceiling explained: What to know about the showdown in Washington as default looms
WASHINGTON (AP) — House Republicans still do not have a deal with President Joe Biden to raise the debt ceiling as the nation is a little more than a week away from a potentially catastrophic default. House Speaker Kevin McCarthy, R-Calif., said Friday that negotiators were working...
US sanctions head of Russia's Wagner Group in Mali, accused of arms trafficking for Ukraine fight
WASHINGTON (AP) — The U.S. on Thursday sanctioned the leader of Russia's paramilitary Wagner Group in Mali, citing what it said were indications that the Kremlin was trying to use the West African nation as a way-station for arms shipments to Russian forces in Ukraine. The Treasury...
Threat of US credit downgrade looms over debt ceiling talks
WASHINGTON (AP) — With one of three major rating agencies warning that America’s AAA credit is at risk, the stakes are growing in the standoff in Washington over raising the nation's debt limit. On Wednesday night, the rating agency Fitch put the nation’s credit on “Rating...
US economic growth for last quarter is revised up to a still-tepid 1.3% annual rate
WASHINGTON (AP) — The U.S. economy grew at a lackluster 1.3% annual rate from January through March as businesses wary of an economic slowdown trimmed their inventories, the government said Thursday in a slight upgrade from its initial estimate. The government had previously...
