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
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
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
(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.
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
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
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
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
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
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.