New York (CNNMoney) - The United States has never willfully defaulted on any of its legal obligations. So the consequences of doing so are unknowable.
But the general consensus is that it could be catastrophic. Or, in the best-case scenario, seriously damaging to the economy.FULL STORY
New York (CNNMoney) - It's official: Treasury Secretary Jack Lew has undergone a transformation, at least when it comes to penmanship.
The Treasury Department on Tuesday unveiled Lew's official new signature, which will soon grace the bottom right corner of every bill in your wallet.FULL STORY
(CNN) - Treasury officials were made aware in June 2012 that the IRS inspector general was reviewing the office that handles tax-exempt applications, but a letter from October shows that the inspector general did not highlight the audit as a top concern for the agency.
In a memo dated October 15, 2012, to then-Treasury Secretary Tim Geithner about IRS challenges for 2013, Inspector General J. Russell George noted other problem areas, but made no mention of the investigation taking place at the time of the agency's intense scrutiny of conservative groups seeking tax-exempt status.
(CNN) - Jack Lew came one step closer to Senate confirmation as President Barack Obama's second Treasury secretary when the Senate Finance Committee approved his nomination Tuesday.
His nomination now goes to the full Senate where he is expected to be easily confirmed – especially compared to Obama's nominee for Defense secretary, former Sen. Chuck Hagel, who faced a Republican filibuster of his nomination
Washington (CNNMoney) – Treasury Secretary nominee Jack Lew faced some tough questions during his first confirmation hearing on Wednesday, as Republicans targeted his experience at Citigroup during the financial crisis.
In particular, lawmakers on the Senate Finance Committee asked Lew, now the White House Chief of Staff, about a fund organized in the Cayman Islands that he and other Citigroup employees invested in while he was employed there.FULL STORY
Washington (CNNMoney) - It won't all be smooth sailing for Treasury Secretary nominee Jack Lew.
On Monday, a group of eight Republican senators fired out a letter claiming that Lew didn't comply with a federal law over Medicare funds while he was running the White House budget office.FULL STORY
Washington (CNNMoney) - Jack Lew, the nominee to be the next Treasury Secretary, would be among the least wealthy to hold the job in recent history, even though he had a short tenure on Wall Street.
That's partly due to the fact that, as an investor, he's quite conservative.FULL STORY
New York (CNNMoney) - The Obama administration on Monday turned up the heat on Congress to raise the debt ceiling.
The Treasury Department, hours after President Obama again said he would not negotiate with Congress over the issue, said it will run out of ways to keep the country under the legal borrowing limit sometime between mid-February and early March.FULL STORY
Honolulu, Hawaii (CNN) - As a new Congress takes over on Capitol Hill, all eyes are turning to what will certainly be a vastly different Obama Cabinet in the coming weeks.
High-level vacancies in the administration are expected to include secretary of state, secretary of defense and treasury secretary. A permanent CIA director also must be chosen.
Washington (CNNMoney) - It's long been expected that Treasury Secretary Tim Geithner would stay on long enough in the job to play a key role in the fiscal cliff negotiations. Now that the deal is done, observers say the White House has a small window to name a successor.
Geithner is expected to stay on until the end of this month.FULL STORY