New peek into Caroline Kennedy's wealth
Washington (CNNMoney) - Disclosure forms filed by Caroline Kennedy, nominated to become U.S. ambassador to Japan, give a rare glimpse at the vast wealth of one of the most high-profile players in Democratic politics.
The forms tally her net worth as high as about $280 million, according to CNNMoney's analysis of the documents. It's hard to get a more precise figure because the forms require nominees to disclose their money in broad categories.
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Funding cuts hit 57,000 preschoolers
Washington (CNNMoney) - Federal spending cuts are hitting 57,000 children who would have started preschool in the next few weeks.
The Administration for Children and Families reported Monday that 51,299 fewer children will begin Head Start preschool programs and 5,966 fewer toddlers will enter Early Head Start programs due to the $85 billion in federal budget cuts called sequester.
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Congress OKs cheaper student loans
Washington (CNNMoney) - The House on Wednesday approved a bipartisan that ensures lower interest rates on loans for students heading to college this fall.
Members of the House voted 392 to 31 to lower rates for undergraduates taking out government loans this school year to 3.86% - cheaper than the 6.8% interest rate that kicked in on July 1. The new rates would be retroactive and apply to loans taken out after July 1.
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Government shutdown won't shut Obamacare: Report
Washington (CNNMoney) - Obamacare would keep running even in a government shutdown, a new congressional report suggests.
The new health care law draws funding from sources that are not subject to the congressional budget process, according to the nonpartisan Congressional Research Service. Also, the revenue collected under Obamacare is considered to be part of a category that ensures the "safety of human life or the protection of property," which makes it immune to government shutdowns, the report said.
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Senate passes student loan measure
Washington (CNNMoney) - The Senate on Wednesday approved a bipartisan deal that ensures lower interest rates on loans for students heading to college this fall.
Senators voted 81 to 18 to lower interest rates for undergraduates taking out government loans this school year to 3.86% - cheaper than the 6.8% interest rate that kicked in on July 1. The new rates would be retroactive and apply to loans taken out after July 1.
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Cheaper student loans after Senate deal, for now
Washington (CNNMoney) - A bipartisan deal on student loans announced by a group of senators Thursday will help students, but only in the short-term.
According to the deal, undergraduates taking out loans this fall will pay just 3.86% in interest on new loans for this school year - cheaper than the 6.8% interest rate that kicked in on July 1. The new rates would apply for loans taken out after July 1.
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Consumer financial chief to be confirmed soon
Washington (CNNMoney) - Five years after the Wall Street meltdown, the agency that protects consumers is on the verge of getting a chief confirmed by the Senate.
On Tuesday, the Senate voted 71-29 to clear hurdles to confirm Richard Cordray as director of the Consumer Financial Protection Bureau.
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IRS chief seeks to stop bonuses
Washington (CNNMoney) - IRS chief Danny Werfel told employees on Tuesday he's working to stop bonuses and instead cut back on furloughs.
The news comes after an outcry over IRS plans to award $70 million in bonuses by Sept. 30. Werfel told his 90,000 Internal Revenue Service workforce that he aims to reverse the plan to award bonuses, according to a memo. He blamed the move on the sequester - the $85 billion in forced spending cuts that has hit all federal agencies.
FULL STORY Deadline nears for higher student loan rates
Washington (CNNMoney) - It's crunch time for students who rely on subsidized government loans - interest rates on them double to 6.8% on July 1.
Only Congress can hold the rates down, and so far it's not looking good. Washington lawmakers aren't close to agreeing on any deal to save the 7 million college students who are taking the subsidized Stafford loans this year.
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Federal housing offices to close in worst foreclosure areas
Washington (CNNMoney) - Tampa homeowners probably need the government's help more than in other places.
After all, Florida's Tampa Bay reported the nation's third highest rate of foreclosures as recently as May. But those seeking in-person help from the government will be out of luck.
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