Obama to pick Jack Lew as Treasury Secretary
January 9th, 2013
11:06 AM ET
2 years ago

Obama to pick Jack Lew as Treasury Secretary

Washington (CNNMoney) - President Obama will nominate his White House chief of staff, Jacob "Jack" Lew, to be the next U.S. Treasury Secretary on Thursday, a source with knowledge of the nomination tells CNN.

Lew, 57, has been the leading candidate for months and would be the second Treasury Secretary during the Obama administration.

FULL STORY

Filed under: Jack Lew • President Obama • Treasury Department
Time running out on debt ceiling
November 27th, 2012
01:13 PM ET
2 years ago

Time running out on debt ceiling

Washington (CNNMoney) - Congress must raise the debt ceiling before the end of February, and possibly sooner. If it doesn't, the United States risks defaulting on its payments to creditors.

That's the key takeaway from a new report released Tuesday by the Bipartisan Policy Center.

FULL STORY

Filed under: Congress • Debt • Treasury Department
Government expects lending fund to turn taxpayers a profit
February 7th, 2012
08:06 AM ET
2 years ago

Government expects lending fund to turn taxpayers a profit

New York (CNNMoney) – An Obama administration lending program set up to funnel cash to small banks was expected to cost taxpayers $1.3 billion. Instead, it will turn a profit of $80 million.

But the turnabout isn't all good news: The Treasury Department's Small Business Lending Fund helped far fewer banks than Congress intended.

FULL STORY

Filed under: CNNMoney.com • Economy • President Obama • Treasury Department
RNC to Obama: Fire Geithner
August 8th, 2011
03:03 PM ET
3 years ago

RNC to Obama: Fire Geithner

(CNN) - The Republican National Committee called on President Barack Obama to dismiss Treasury Secretary Tim Geithner Monday.

RNC Chairman Reince Priebus blamed Obama and Geithner for Standard & Poor's downgrade Friday, saying the administration's "failure to cut the debt" and lower spending over the years directly caused the unprecedented blow to the U.S. credit rating.
FULL POST

Elizabeth Warren heading back to Harvard
July 26th, 2011
07:00 PM ET
2 years ago

Elizabeth Warren heading back to Harvard

NEW YORK (CNNMoney) - It's time for Elizabeth Warren to say goodbye to the Consumer Financial Protection Bureau, the consumer agency she spent nearly a year creating.

On Aug. 1, Warren will leave the bureau to return to Harvard Law School, where she will step back into her position as the Leo Gottlieb Professor of Law, the Department of Treasury said Tuesday.

FULL STORY
Treasury reaffirms Aug. 2 debt ceiling deadline
July 1st, 2011
11:05 AM ET
3 years ago

Treasury reaffirms Aug. 2 debt ceiling deadline

NEW YORK (CNNMoney) – Underscoring the need for swift congressional action, the Treasury Department on Friday reiterated its Aug. 2 deadline for raising the debt ceiling.

Treasury urged Congress "to avoid the catastrophic economic and market consequences of a default crisis by raising the statutory debt limit in a timely manner," according to a statement.

FULL STORY

Filed under: CNNMoney.com • Congress • Debt • Treasury Department
Tim Geithner considering leaving White House
June 30th, 2011
07:29 PM ET
3 years ago

Tim Geithner considering leaving White House

NEW YORK (CNNMoney) - Tim Geithner is considering leaving his post as Secretary of the Treasury after a deal to raise the debt ceiling is reached, a source familiar with the discussion told CNN Thursday.

Geithner is the lone remaining member of President Obama's original economic team.

FULL STORY

Filed under: Debt • Tim Geithner • Treasury Department
Consumer bureau to run – director or not
June 15th, 2011
12:59 PM ET
3 years ago

Consumer bureau to run – director or not

WASHINGTON (CNNMoney) - There's a myth in Washington that - come its July 21 launch date - the consumer financial protection bureau created by the Wall Street reform law has to sit on its hands without a Senate-confirmed director.

But Treasury and those working to set up the bureau disagree. They're preparing the bureau to wield some pretty big powers even without a director, many of which have gotten short shrift at other agencies.

FULL STORY

Filed under: Senate • Treasury Department • Wall Street
Profitable bank bailout program "unfortunate"
Acting Assistant Secretary for Financial Stability Timothy Massad (right) and TARP Oversight Congressional Panel Chairman Ted Kaufman
March 31st, 2011
09:02 PM ET
3 years ago

Profitable bank bailout program "unfortunate"

WASHINGTON (CNN) - The controversial bank bailout program may have saved some financial institutions from crumbling, but a Treasury official said the rescue plan was actually “unfortunate.”

Speaking to a small group of reporters, Timothy Massad, Treasury Acting Assistant Secretary for Financial Stability said “it’s never fair to have to use taxpayer dollars to rescue any institution.”

FULL STORY

Filed under: TARP • Treasury Department
April 12th, 2010
03:29 PM ET
4 years ago

U.S. racks up debt at slower rate

New York (CNNMoney.com) - The U.S. government is racking up debt at a slower pace than last year, according to Treasury Department figures released Monday.

In the first six months of the fiscal year, the U.S. government fell $717 billion further into the red, the Treasury Department reported Monday, including a $65.4 billion deficit in March. That means the deficit for fiscal 2010, which started in October, is down 8% from $781.4 billion in the same period last year.

The Treasury Department is forecasting that the deficit will hit $1.56 trillion this year, up from the record $1.4 trillion losses posted last year.

March's shortfall, the 18th consecutive monthly deficit, was down from the $191.6 billion in the red posted a year ealier. Just before the start of the financial crisis in September 2008, the government reported a monthly gain, which reduced its overall debt by $45.7 billion.

Full Story


Filed under: national debt • Treasury Department
« older posts
newer posts »