Treasury Department

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US Debt to Hit $19.6 Trillion By 2015

Debt on course to exceed GDP for first time

(Newser) - America's national debt is now at a dizzying $13.6 trillion and will reach $19.6 trillion in 5 years, according to a Treasury Department report. By 2015 the debt will, for the first time, exceed the value of all goods and services produced in America in a year, reaching...

Schumer Vows to Battle Carry-On Fee
Schumer Vows to Battle Carry-On Fee
Apr 11, 2010 4:03 PM CDT

Schumer Vows to Battle Carry-On Fee

Senator calls airline's new bag charge 'slap in the face to travelers'

(Newser) - Charles Schumer said today he's trying to get the federal government to prohibit airlines from charging a fee for carry-on baggage, calling it a "slap in the face to travelers." The Democratic senator from New York is making a personal plea to the Treasury Department to rule that...

Larry Summers Will Be Gone by Year's End
Larry Summers Will Be Gone
by Year's End
ANALYSIS
Apr 6, 2010 8:34 PM CDT

Larry Summers Will Be Gone by Year's End

Adviser irked that Geithner, not he, has Obama's ear

(Newser) - Economics guru Larry Summers will be out the Obama administration by November’s election, or shortly thereafter, Joshua Green contends —mainly out of frustration that Treasury Secretary Timothy Geithner, and not he, has become President Obama’s go-to adviser in that area. Blogging for the Atlantic, Green notes that,...

Before Ink Dries, 14 States Sue Over Health Law

13 Republican AGs, 1 Dem charge health care reform is unconstitutional

(Newser) - The threatened lawsuits over the health care reform law started arriving at courthouses today shortly after President Obama signed the measure. Thirteen attorneys general headed by Bill McCollum of Florida—who is also a candidate for governor— sued the Treasury, Labor, and Health and Human Services departments and their secretaries....

Geithner: 'I'm Incredibly Angry'
 Geithner: 'I'm 
 Incredibly 
 Angry' 
Interview
Feb 23, 2010 11:30 AM CST

Geithner: 'I'm Incredibly Angry'

Treasury secretary says he's sick of the criticism, mad at Wall Street

(Newser) - Timothy Geithner is often seen as the cool, calculating co-architect of various bailouts, and a friend to Wall Street, but that image is all wrong, he insists. “I am incredibly angry at what happened to our country,” he says. In an affable interview with Vogue —he begins...

Geithner: Bernanke Ouster Would Freak Out the Market
Geithner: Bernanke Ouster Would Freak Out the Market
Interview
Jan 25, 2010 12:06 PM CST

Geithner: Bernanke Ouster Would Freak Out the Market

But Treasury Secretary isn't worried about reconfirmation

(Newser) - Timothy Geithner is behind Ben Bernanke, and thinks the markets are, too. When Politico asked how the markets would react if the Senate didn’t confirm the Fed chairman for a second term, Geithner replied, “I think the markets would view that as a very troubling thing to the...

Feds Should Cut Deficit, Irk Right by Dumping Gold

Time to act like a real business, and bust those betting against US

(Newser) - The federal government's vast stash of gold could be used to both bring down the deficit and drive its critics crazy, writes Thomas Frank. If the government were to take the advice of its critics and really start acting like a business, it would unload its 261 million ounces of...

US Takes Majority Stake in GMAC
US Takes Majority Stake
in GMAC
Dec 30, 2009 6:40 PM CST

US Takes Majority Stake in GMAC

Government gives auto lender another $3.8B in aid

(Newser) - The government gave GMAC Financial Services another $3.8 billion in cash and took a majority stake in the auto lender, aiming to stabilize the company as it struggles with big losses in its home mortgage unit. The fresh infusion is on top of $12.5 billion in taxpayer money...

US Offers Unlimited Aid to Fannie, Freddie

Feds also allow top officials to bring home fat paychecks

(Newser) - The Obama administration yesterday gave a blank check to Fannie Mae and Freddie Mac—just in case. The government declared it is willing to provide unlimited financial assistance to the mortgage giants over the next three years, a move designed to reassure markets that the US won't let them fail....

Spitzer to AIG: Show Us the Email

Ex-gov wants answers before feds ditch their stake

(Newser) - The Treasury Department's shopping its 80% stake in AIG, but before it sells, all Eliot Spizter wants for Christmas is for the financial behemoth to finally disclose exactly how it triggered the financial crisis. "Who knew what, and when? Who benefited, and by exactly how much?," questions the...

House to Probe 'Outrageous' Citi Tax Break

Kucinich calls IRS ruling 'a farce'

(Newser) - Citigroup is receiving an "outrageous" $38 billion tax exemption because the government hasn't got a clue how to juggle its dual roles of shareholder and tax collector, Democratic Rep. Dennis Kucinich charged yesterday. He vowed that his domestic policy subcommittee of the House oversight committee will demand answers from...

Citi Wins Massive Tax Break
 Citi Wins Massive Tax Break 
UPDATED
Dec 16, 2009 5:45 AM CST

Citi Wins Massive Tax Break

Firm will use dodged fed taxes to repay fed bailout bucks

(Newser) - The government will be collecting billions of dollars less in taxes from Citigroup as part of Citigroup's deal to pay back federal bailout money. The IRS has granted an exemption from tax rules relating to Citigroup and other companies partially owned by the government. The future taxes being forfeited will...

Citigroup to Repay $20B in TARP Loans

Will issue $17B in common stock to meet capital requirements

(Newser) - Citigroup and the US government have reached a deal that will allow the bank to repay $20 billion in TARP loans, after weeks of wrangling over the bank's health. Citi will raise $20.5 billion, $17 billion of it in common stock, the company said in a statement, a sign...

Citi, Wells Fargo Clash With Feds Over Repaying TARP

Fed, Treasury want banks to raise more capital first

(Newser) - Citigroup and Wells Fargo are at odds with the government over how much they need to raise to repay their TARP bailouts, with Uncle Sam wanting them to raise more capital first. Both are looking to follow Bank of America’s lead and get out from under the TARP, allowing...

Treasury: Relax, TARP Cost Trimmed by $200B

Estimated loss to taxpayers down to just $42B as banks rebound

(Newser) - In news that may cool public anger over bailouts, the government expects to get back some $328 billion of the $370 billion loaned to troubled companies during the financial crisis. The portion loaned to banks is even showing a slight profit. A Treasury report to Congress today will reveal a...

TARP Payback a Huge Win for BofA, Lewis
 TARP Payback a Huge Win for BofA, Lewis
ANALYSIS
Dec 3, 2009 10:58 AM CST

TARP Payback a Huge Win for BofA, Lewis

Outgoing CEO proves critics wrong and paves way for successor

(Newser) - Bank of America’s move to repay $45 billion in TARP funds marks a triumph for the rehabilitated institution and especially beleaguered CEO Ken Lewis. Wooing a replacement for the retiring Lewis was proving exceedingly difficult as candidates declined to try to run the company with government scrutiny of executive...

Bank of America Will Repay $45B TARP Loan

Move will help bank rid itself of government restrictions

(Newser) - Bank of America is joining the ranks of banks that have repaid their TARP loans. The bank will repay $45 billion to the Treasury Department to begin ridding itself of restrictions on pay and other matters. BofA plans to raise $20 billion in capital to beef up its reserves and...

Treasury to Squeeze Mortgage Lenders

Will expand program to help keep people in their homes

(Newser) - The Obama administration, battling a foreclosure crisis that shows no signs of relenting, will step up pressure on mortgage companies to do more to help people remain in their homes, officials said yesterday. The administration will announce its expanded program tomorrow, a Treasury spokeswoman said, and will take "additional...

Millions Must Repay Part of Stimulus Tax Credit

Withholding errors mean 15.4M will get smaller refund or owe money

(Newser) - An IRS tax credit designed to lighten the load on recession-addled taxpayers won't work out as well as hoped for about 15.4 million Americans. Because certain minutiae of the new Making Work Pay credit weren’t factored in to withholding tables, more than 10% of taxpayers who file individual...

Annoyed by Feds, AIG CEO Threatens to Quit

Benmosche, just 3 months in, is 4th CEO in 18 months

(Newser) - Just 3 months after taking the job, AIG CEO Robert Benmosche is threatening to storm out in a huff. At a directors’ meeting last week the voluble Benmosche, formerly of MetLife, told colleagues he was “done” with trying to operate the 80% taxpayer-owned company under federal supervision, particularly with...

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