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Treasury Warns of Need to Deal With National Debt Limit

The Treasury Department says it will employ extraordinary measures to avoid an unprecedented default on the national debt this summer, but officials say those measures could be exhausted “much more quickly” than normal given the unusual circumstances of the global pandemic.
Tags: Treasury Department, Treasury Warns of Need


Treasury Secretary Janet Yellen says a 'shocking' $7 trillion in taxes is going uncollected

Treasury Secretary Janet Yellen. Manuel Balce Ceneta/AP Yellen told The Atlantic that the tax gap was a "shocking" $7 trillion over a decade. Her remarks reflect the White House's resolve to collect taxes from high earners and big firms. The Treasury has said the tax gap could worsen if no additional action is taken. Sign up for our daily newsletter 10 Things in Politics You Need to Know Today. Treasury Secretary Janet Yellen said a "shocking" amount of taxes was going uncollected by t...
Tags: Congress, White House, Trends, Joe Biden, Atlantic, New York Times, Treasury, Janet Yellen, Federal Reserve, Biden, Wall Street Journal, Irs, Yellen, Fed, Treasury Department, Charles Rettig


Treasury Announces Plans to Borrow $463 Billion This Quarter

The Treasury Department says it expects to borrow $463 billion in the current April-June quarter and $2.28 trillion for the full budget year, as the government finances continued pandemic relief measures.
Tags: Treasury, Treasury Department


Government pandemic watchdog warns of 'reduced oversight' for pandemic relief programs

The Treasury Department's special inspector general for pandemic recovery is warning of "reduced oversight" of two Covid relief programs given billions to distribute, as it says its jurisdiction has been hampered and claims "things are not working well."
Tags: Cnn, Treasury Department


Senators Ask for Treasury Guidance on COVID-19 Relief Funds

U.S. Sens. Maggie Hassan and Jeanne Shaheen of New Hampshire are requesting that the Treasury Department provide guidance to states on how to use funds allocated to them in the American Rescue Plan.
Tags: New Hampshire, Treasury Department, Jeanne Shaheen, Sens Maggie Hassan


Senators Ask for Treasury Guidance on COVID Relief Funds

U.S. Sens. Maggie Hassan and Jeanne Shaheen of New Hampshire are requesting that the Treasury Department provides guidance to states on uses of funds provided by the American Rescue Plan during the coronavirus pandemic.
Tags: New Hampshire, Treasury Department, Jeanne Shaheen, Sens Maggie Hassan


Rent crisis spirals for landlords waiting on $47 billion in relief

By Prashant Gopal and Noah Buhayar | Bloomberg More than a year since COVID-19 lockdowns put millions of apartment dwellers out of work, almost $47 billion in U.S. government rent relief is hitting the streets. For many landlords, it’s coming much too slowly. Joaquin Villanueva, an airport janitor who owns a three-unit rental house in East Boston, had to take out a home-equity loan just to pay the bills. One tenant, eight months behind on rent, vanished one night in March. An unemployed restaura...
Tags: Business, New York, Texas, News, Congress, California, Housing, La, Virginia, America, Los Angeles, Sport, Joe Biden, Soccer, Williams, Illinois


Top House Democrat unveils plan to establish universal paid family and medical leave programs

Rep. Richard Neal, D-Mass., speaks at a news conference on Capitol Hill in Washington, Friday, July 24, 2020, on the extension of federal unemployment benefits. AP Photo/Andrew Harnik Top House Democrat Richard Neal introduced a plan for universal paid sick and medical leave on Tuesday. The typical worker would get around two-thirds of their past wages replaced. Progressives are urging Biden to prioritize paid leave programs as part of his latest economic plan. See more stories on Insider&...
Tags: Congress, Washington Post, Washington, Massachusetts, US, Trends, Joe Biden, Columbia University, Capitol Hill, Biden, Treasury Department, Neal, House Ways and Means Committee, Top House, Richard Neal, Richard Neal D Mass


United States: Pandemic Economic Stimulus: Legislative And Regulatory Developments As Of April 23, 2021 - Hughes Hubbard & Reed LLP

April 23, 2021 – This week the Treasury Department announced a safe harbor for the deduction of expenses covered by first-round Paycheck Protection Program loans...
Tags: News, United States, Treasury Department, Legislative, Hughes Hubbard, Reed LLP


Washington becomes the first state to ensure tenants at risk of eviction have legal representation

Cars display signs requesting to stop evictions as protesters supporting the rent freeze gather in Chinatown on August 10, 2020 in Los Angeles, California. Tommaso Boddi/Getty Images Washington became the first state to ensure evicted tenants receive a right to counsel. Tenants with incomes 200% or below the federal poverty line are eligible to get free legal aid. Biden extended the eviction ban through June 30, but some courts have overruled it, putting renters at risk. See more stories o...
Tags: California, Washington, America, Trends, Joe Biden, Tennessee, Treasury, Janet Yellen, Philadelphia, Biden, Seattle, Chinatown, Treasury Department, Los Angeles California, Jay Inslee, Seattle Times


Don't make any of these dozen tax-filing mistakes

Every tax-filing season is different. One thing is constant, though. Taxpayers, and sometimes even the tax preparers they hire, make mistakes on 1040 forms. Hey, we're only human. But there are some common tax filing errors that we all need to be aware of and do our best to avoid. Here are 10, collected from my personal experience, talks with tax professionals and the Internal Revenue Service. They're in no particular order. Some might seem insignificant. Others obviously are huge. Either way, ...
Tags: Taxes, Congress, Social Security, Ira, Sam, Irs, Misc, Don, SSA, U S Treasury, Internal Revenue Service, Treasury Department, EITC, Social Security Administration SSA, SSA ASAP, COVID


Justices mull textualism and Alaskan exceptionalism in classifying Alaska Native corporations

With over $500 million of COVID-19 relief funding at stake, the Supreme Court began its week by grappling with whether the CARES Act’s definition of “Indian tribe” — a definition included in over 150 other federal laws — encompasses Alaska Native corporations. During nearly two hours of oral argument in Yellen v. Confederated Tribes of the Chehalis Reservation, the justices expressed doubts about the textual arguments advanced by both sides even as they seemed wary of the consequences of a ruli...
Tags: Featured, Supreme Court, Law, Congress, United States, Alaska, Paul Clement, Yellen, Thomas, Sonia Sotomayor, John Roberts, Roberts, Treasury Department, Alito, Barrett, Sotomayor


United States: Pandemic Economic Stimulus: Legislative And Regulatory Developments As Of April 16, 2021 - Hughes Hubbard & Reed LLP

This week the Treasury Department announced the establishment of the Office of Recovery Programs to oversee recovery programs authorized by the CARES Act, the Consolidated Appropriations Act of 2021, ...
Tags: News, United States, Treasury Department, Legislative, Hughes Hubbard, Reed LLP, Office of Recovery Programs


Are Alaska Native corporations Indian tribes? A multimillion-dollar question

Are Alaska Native corporations — special corporations that Congress created in 1971 when it resolved Native claims in Alaska — “Indian tribe[s]” under the Indian Self-Determination and Education Assistance Act? On Monday, the Supreme Court will hear argument on that question in Yellen v. Confederated Tribes of the Chehalis Reservation. Immediately at stake in the answer is billions of dollars in federal CARES Act funding. But the outcome could also have longer-term consequences for how, and fro...
Tags: Featured, Supreme Court, Law, Congress, United States, Alaska, Treasury, Oklahoma, Yellen, Anchorage, Treasury Department, D C Circuit, Uintah, Bureau of Indian Affairs, Alaska Native, Prudhoe Bay


Worldwide: Treasury Removes UAE From List Of Countries Requiring Cooperation With An International Boycott - Akin Gump Strauss Hauer & Feld LLP

On April 8, the Treasury Department removed the UAE from its list of countries requiring cooperation with an international boycott...
Tags: News, Treasury, Uae, Treasury Department, Feld LLP, International Boycott Akin Gump Strauss Hauer


Hedge funds have dumped over $100 billion in Treasurys this year, accelerating the bond market's vicious sell-off

In this photo illustration one hundred US dollar banknotes are seen on display. Igor Golovniov/SOPA Images/LightRocket via Getty Images Hedge funds have sold over $100 billion in Treasurys since January, becoming big contributors to the bond-market slide, Bloomberg reported. Investors in the Cayman Islands have been the biggest net sellers of US sovereign debt. The sell-off by hedge funds began before the latest round of US government fiscal stimulus. See more stories on Insider's ...
Tags: Congress, Senate, US, Trends, Bloomberg, Joe Biden, Treasury, Kamala Harris, Cayman Islands, Treasury Department, Carla Mozee, Treasurys, Igor Golovniov, Getty Images Hedge


10 Things in Politics: Trump ditches his spray tan

Former President Donald Trump has lost 15 pounds since leaving office. Here is the significantly lighter Trump receiving an award from Sen. Rick Scott. Photo courtesy of the National Republican Senatorial Committee Good morning! Welcome to 10 Things in Politics, your weekday look at the biggest stories in DC and beyond. Sign up here to receive this newsletter.Send tips to [email protected] or tweet me at @BrentGriffiths.With Jordan ErbHere's what we're talking about today:Tr...
Tags: Florida, Politics, New York, Supreme Court, Congress, Washington, White House, Russia, US, West Virginia, Newsletter, Trends, Tesla, Indianapolis, Chicago, Gop


10 Things in Politics: Donald Trump ditches his spray tan

Former President Donald Trump has lost 15 pounds since leaving office. Here is the significantly lighter Trump receiving an award from Sen. Rick Scott. Photo courtesy of the National Republican Senatorial Committee Good morning! Welcome to 10 Things in Politics, your weekday look at the biggest stories in DC and beyond. Sign up here to receive this newsletter.Send tips to [email protected] or tweet me at @BrentGriffiths.With Jordan ErbHere's what we're talking about today:Tr...
Tags: Florida, Politics, New York, Supreme Court, Congress, Washington, White House, Russia, US, West Virginia, Newsletter, Trends, Tesla, Indianapolis, Chicago, Gop


US Says Russia Was Given Trump Campaign Polling Data in 2016

The Treasury Department says Konstantin Kilimnik, a Russian and Ukrainian political consultant, shared sensitive information from Donald Trump’s 2016 presidential campaign with Russian intelligence services.
Tags: Donald Trump, Treasury Department, Konstantin Kilimnik


Sanctioned Russian IT Company Partners With Microsoft, IBM

Six Russian technology companies have been slapped with sanctions by the U_S_ Treasury Department for supporting Kremlin intelligence agencies for engaging in “dangerous and disruptive cyber attacks.".
Tags: Kremlin, Treasury Department, Microsoft IBM


Biden Administration Says Russian Intelligence Obtained Trump Campaign Data

A Treasury Department document shed more light on links between the campaign and Russian spies.
Tags: Treasury Department


The US is readying sanctions against Russia over the SolarWinds cyber attack. Here's a simple explanation of how the massive hack happened and why it's such a big deal

SolarWinds Corp. banner hangs at the New York Stock Exchange (NYSE) on the IPO day of the company in New York. Reuters/Brendan McDermid SolarWinds was the subject of a massive cybersecurity attack that spread to the company's clients. Major firms like Microsoft and top government agencies were attacked, and sensitive data was exposed. Here's a simple explanation of what happened and why it's important. Visit Business Insider's homepage for more stories. SolarWinds, a maj...
Tags: Texas, News, Microsoft, Senate, Ipo, Russia, US, Trends, Cybersecurity, Hack, New York Times, Treasury, Orion, US Senate, SEC, Deloitte


The US officially designates Paul Manafort's associate Konstantin Kilimnik as a 'known Russian agent'

Former Trump campaign chairman Paul Manafort. Associated Press The US on Thursday designated Manafort associate Konstanin Kilimnik as a "known Russian agent." It's the first time the US government has explicitly tied Kilimnik to the Russian government. Mueller and the Senate Intel Committee described him as someone with ties to Russian intelligence. See more stories on Insider's business page. The US for the first time on Thursday designated a close associate of ex-Trump campaign c...
Tags: Politics, News, Vladimir Putin, Senate, Russia, US, Trends, Ukraine, Fbi, Russia sanctions, Treasury, Senate Intelligence Committee, Trump, Treasury Department, Mueller, Viktor Yanukovych


US slaps Russia with new sanctions and expels 10 diplomats in retaliation for 2020 election interference and SolarWinds hack

President Joe Biden speaks during a news conference in the East Room of the White House, Thursday, March 25, 2021, in Washington AP Photo/Evan Vucci The Biden administration issued new sanctions against Russia on Thursday. The sanctions target over 30 Russian entities and expel a number of Russian diplomats from the US. The sanctions also accuse Russia's foreign intelligence service of being behind the SolarWinds hack. See more stories on Insider's business page. The Biden adminis...
Tags: Vladimir Putin, Washington, White House, Russia, US, Trends, Joe Biden, Ukraine, Fbi, United States, Treasury, Orion, Pentagon, Biden, Solarwinds, Trump


Treasury Department Creates Office to Oversee Virus Relief

The Treasury Department is creating a new office to supervise the disbursement of the billions of dollars in relief money passed by Congress to combat the coronavirus-related recession.
Tags: Congress, Treasury Department, Treasury Department Creates Office


The Biden administration reportedly spent months preparing for an inflation spike that hasn't come yet - and it's still worried

President Joe Biden meets with Treasury Secretary Janet Yellen in the Oval Office at the White House in Washington, U.S., January 29, 2021. Kevin Lamarque/Reuters White House and Treasury officials spent months testing inflation scenarios, the NYT reports. No scenario showed inflation rising so quickly that the Fed would lose control of price growth. The findings open the door for Biden to spend trillions more on infrastructure and social care. See more stories on Insider's business pa...
Tags: Obama, Washington, White House, US, Trends, Joe Biden, New York Times, Treasury, Nyt, Janet Yellen, Federal Reserve, Biden, Times, Clinton, Yellen, Fed


New Treasury Office to Oversee Billions in Virus Relief Help

The Treasury Department is creating a new office to supervise the disbursement of the billions of dollars in relief money passed by Congress to combat the coronavirus-related recession.
Tags: Congress, Treasury Department, New Treasury Office


Treasury sets up office to oversee implementation of recovery programs

The Treasury Department is establishing an Office of Recovery Programs to lead the agency's implementation of economic relief measures from three massive congressional coronavirus relief bills.
Tags: Cnn, Treasury, Treasury Department, Office of Recovery Programs


The White House may not pay for all of Biden's infrastructure plan with a tax increase

White House Press Secretary Jen Psaki. Alex Wong/Getty Images Biden's infrastructure plan could grow the deficit, the White House said Tuesday. "His only red line is inaction," White House Press Secretary Jen Psaki said. McConnell is out swinging against Biden's efforts to roll back the Trump tax cuts. See more stories on Insider's business page. The Biden administration may not attempt to cover the entire cost of the infrastructure plan and instead put it on the equivalent of ...
Tags: Congress, Senate, White House, Trends, Joe Biden, Gop, Mitch McConnell, Biden, Trump, Treasury Department, McConnell, White House Press, Congressional Democrats, Jen Psaki, Joseph Zeballos Roig, Jen Psaki Alex Wong Getty Images Biden


The US deficit soared to a record $1.7 trillion as the government doled out new stimulus

The Capitol is seen from the Lincoln Memorial reflecting pool on April 13, 2021 in Washington, DC. Stefani Reynolds/Getty Images The US budget deficit widened to a record $1.7 trillion in the first half of the fiscal year. The government spent $927 billion in March, with much of the funding linked to Democrats' stimulus. White House and Fed officials have said low interest rates ensure the debt doesn't present an immediate danger. See more stories on Insider's business page. Th...
Tags: Washington, White House, US, Trends, Joe Biden, Treasury, Janet Yellen, Biden, Donald Trump, Yellen, Fed, Lincoln Memorial, Capitol, Treasury Department, Federal Reserve Chair, Jerome Powell