Don't double the interest rate on my student loan
June 12th, 2013
08:48 AM ET
1 year ago

Don't double the interest rate on my student loan

Washington (CNNMoney) – Brandon Anderson's student loan will get costlier by $1,000, come July 1 - that's when interest rates on the loans are slated to double.

Anderson is among 7 million undergraduates with a personal stake in the debate in Washington over whether to hold down, or let the 3.4% interest rate to double for undergraduates borrowing subsidized federal student loans.

FULL STORY

Filed under: Education
7 million students brace for surge in loan rates
May 28th, 2013
07:19 AM ET
1 year ago

7 million students brace for surge in loan rates

Washington (CNNMoney) - On July 1, the interest rates on student loans subsidized by Uncle Sam will most likely double to 6.8%.

Congress and the White House agree that something should be done to prevent that. They don't agree on what.

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Filed under: Education
'Overworked' IRS unit treated like a 'stepsister'
May 16th, 2013
05:24 PM ET
1 year ago

'Overworked' IRS unit treated like a 'stepsister'

Washington (CNNMoney) – The Internal Revenue Service group under fire in the current scandal was overworked, understaffed and lacked a layer of experienced middle managers, according to two former IRS employees.

"You have agents muddling through, trying to do their best with the law they're given, the workload they're given and with the folks they have at that office," said former IRS attorney Philip Hackney, who worked in Washington from 2006 to 2011, and advised Lois Lerner, director of the unit that approved applications from groups seeking tax-exempt status.

FULL STORY

Filed under: IRS
Obama's tax returns: Income drops
April 12th, 2013
02:48 PM ET
1 year ago

Obama's tax returns: Income drops

Washington (CNNMoney) - President Obama and the first family saw their income drop slightly in 2012, according to tax returns released by the White House on Friday.

The returns show the president and First Lady Michelle Obama earned $608,611 last year, and paid $112,214 in taxes. Sales from his best-selling books slowed even further in 2012, bringing his overall gross adjusted income down 30% compared to 2011.

FULL STORY

Filed under: President Obama • Taxes
Senate confirms SEC chief Mary Jo White
April 8th, 2013
03:57 PM ET
1 year ago

Senate confirms SEC chief Mary Jo White

Washington (CNNMoney) - The Senate on Monday confirmed former New York federal prosecutor Mary Jo White as head of the Securities and Exchange Commission.

White was confirmed without a roll call vote, signaling lawmakers didn't consider her confirmation particularly controversial.

FULL STORY

Filed under: SEC
Federal furloughs a non-event? Not so fast
April 4th, 2013
07:20 AM ET
1 year ago

Federal furloughs a non-event? Not so fast

Washington (CNNMoney) - Despite delays and cutbacks on furloughs, federal budget cuts are starting to take root.

It's not the widespread government service disruptions that people feared. Yet, as more federal workers take unpaid time off - forced by the $85 billion in automatic government spending cuts triggered March 1 - the pain of cuts will spread.

FULL STORY

Filed under: Budget
Furlough means I can't pay my student loan
March 28th, 2013
09:57 AM ET
1 year ago

Furlough means I can't pay my student loan

Washington (CNNMoney) – Upcoming furloughs mean a 20% pay cut for thousands of federal workers - and some tough budgeting choices. For many, student loan payments will be the first to go.

Laurie Vroman has already made her decision. She has three young children and makes $41,000 a year as a management assistant at an Army arsenal near Albany, N.Y.

FULL STORY

Filed under: Budget • CNNMoney.com
Meat industry rescues federal workers
March 22nd, 2013
07:37 AM ET
1 year ago

Meat industry rescues federal workers

Washington (CNNMoney) - At least one type of government worker has a friend in big business.

Over 9,000 federal food inspectors won't face furloughs after top companies from the meat and poultry industries spoke out in support of them.

FULL STORY

Filed under: Budget
Paul Ryan wants to cut more federal workers
March 13th, 2013
08:30 AM ET
1 year ago

Paul Ryan wants to cut more federal workers

Washington (CNNMoney) – Republican House Budget Chairman Paul Ryan wants to cut the federal government workforce by 10% - some 210,000 jobs - through a two-year hiring freeze.

It's part of his budget proposal released Tuesday. The move would save $49 billion in his broader plan to get rid of federal deficits by 2023. Ryan takes further aim at federal workers by proposing they pay more toward their pensions, saving another $132 billion in 10 years.

FULL STORY

Filed under: Budget • CNNMoney.com • Paul Ryan
First furlough notices go out
March 5th, 2013
07:12 AM ET
1 year ago

First furlough notices go out

Washington (CNNMoney) – The first furlough notices for government employees have gone out.

The Army sent letters on Feb. 28 and March 1 to unions warning that employees at the Aberdeen Proving Ground in Gunpowder, Md., as well as the Corps of Engineers in Walla Walla, Wash., will be forced to stay at home without pay one day each week from April 22 through Sept. 21.

FULL STORY

Filed under: Budget • Debt
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