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
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.FULL STORY
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
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
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
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
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
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
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