US Will Hit Debt Limit on Thursday, Yellen Tells Congress
US Will Hit Debt Limit on Thursday, Yellen Tells Congress
2023-01-13 19:48:15
by Dan McCue

WASHINGTON — Treasury Secretary Janet Yellen warned Congress on Friday that she will have to begin employing “extraordinary measures” next Thursday, Jan. 19, to continue to pay the nation’s bills. The notice from Yellen, spelled out in a letter to... Read More

Renewable Energy
Treasury Dept. Clarifies Labor Rules for Green Energy Tax Credits
2022-11-29 22:53:01
by Dan McCue

WASHINGTON — The U.S. Treasury Department has unveiled its initial guidance on the labor requirements that employers must meet in order to qualify for bonus tax benefits for clean energy projects. The guidance announced Tuesday will be published in the... Read More

Supreme Court
Chief Justice Temporarily Keeps House Panel From Reviewing Trump Tax Records
2022-11-01 15:35:42
by Dan McCue

WASHINGTON — Chief Justice John Roberts on Tuesday temporarily blocked a House panel from accessing the financial records of former President Trump ahead of their expected release later this week. As is the Supreme Court’s long-standing custom, the chief justice,... Read More

Treasury, IRS Issue Guidance on New Electric Vehicle Tax Credit
2022-08-18 13:25:43
by Dan McCue

WASHINGTON — The Treasury Department and the Internal Revenue Service issued new guidance Tuesday on changes to the tax credit for electric vehicles now that President Joe Biden has signed the Inflation Reduction Act into law. While the reforms in... Read More

Four States to Share $500M in Broadband Expansion Funding
2022-06-07 15:11:16
by Dan McCue

WASHINGTON — Four states — Louisiana, New Hampshire, Virginia and West Virginia — will receive more than $500 million in funding for broadband expansion projects under the auspices of the $10 billion Capital Projects Fund created as part of the... Read More

AP Sources: Biden to Issue Executive Order on Cryptocurrency

WASHINGTON (AP) — President Joe Biden is expected to sign an executive order on cryptocurrency this week that will mark the first step toward regulating how digital currency is traded. The move comes as administration officials have raised concerns in... Read More

Senators Seek Taxpayer Penalty Relief Amid IRS Backlog
2022-01-28 22:11:46
by Dan McCue

WASHINGTON — Sens. Bob Menendez, D-N.J., and Bill Cassidy, R-La., are leading an effort to convince the U.S. Department of the Treasury and the Internal Revenue Service to provide penalty relief for taxpayers amid what they describe as the “extensive”... Read More

Federal Budget
CBO Confirms: If Congress Fails to Act, Treasury Could Go Bust in Days
2021-11-30 20:58:50
by Dan McCue

WASHINGTON — If the debt limit remains unchanged and the Treasury Department follows through on transferring $118 billion to the Highway Trust Fund on Dec. 15, the federal government could run out of cash before the end of the month,... Read More

Boyle, Yarmuth Call for Treasury Dept. to Be Given Debt Ceiling Authority
2021-10-01 19:58:09
by Dan McCue

WASHINGTON -- With the nation once again hovering ever closer to defaulting on its debts, the chair and vice chair of the powerful House Budget Committee say it’s time to take the “arbitrary and reckless” politics out of raising the... Read More

Yellen Warns US May Hit Debt Limit in October
2021-09-08 18:16:10
by Dan McCue

WASHINGTON -- Treasury Secretary Janet Yellen is warning Congress that she will run out of maneuvering room to prevent the U.S. from broaching the government’s borrowing limit in October. In a letter to congressional leaders on Wednesday, Yellen said that... Read More

Yellen: Biden's Phased-in Spending Plan Won't Fuel Inflation

WASHINGTON (AP) — President Joe Biden's massive proposed spending on infrastructure, families and education will not fuel inflation because the plans would be phased in gradually over 10 years, Treasury Secretary Janet Yellen said Sunday. New economic reports have portrayed... Read More

New Guidance Issued on COVID Relief State and Local Governments
2021-04-16 18:41:25
by TWN Staff

WASHINGTON - The Treasury Department has released updated guidance on its pre-award requirements for state and local governments to receive direct coronavirus relief payments under the American Rescue Plan Act. It particular the guidance outlines the “immediate” steps municipalities need... Read More

Janet Yellen Wins Senate Approval as Treasury Secretary

WASHINGTON (AP) — The Senate on Monday approved President Joe Biden’s nomination of Janet Yellen to be the nation’s 78th treasury secretary, making her the first woman to hold the job in the department's 232-year history. Yellen, a former chair... Read More

Awaiting Yellen at Treasury: Yet Another Daunting Crisis

WASHINGTON (AP) — Janet Yellen is in line for another top economic policy job — just in time to confront yet another crisis. Yellen, President-elect Joe Biden's apparent choice for treasury secretary, served on the Federal Reserve's policymaking committee during... Read More

In The News
Postal Service, Treasury Reach Deal on $10 Billion Pandemic Relief Loan
2020-07-30 14:12:52
by Dan McCue

WASHINGTON - Nearly four months after Congress approved a $10 billion loan for the struggling U.S. Postal Service as part of the CARES Act, the service and the Treasury Department have struck a deal on the terms of the loan.... Read More

In The News
GAO: Virus Relief Program Has Inadequate Safeguards; $1.4B in Relief Payments Sent to Dead People
2020-06-26 13:57:41
by Dan McCue

WASHINGTON - Confronted with an extraordinary public health crisis, the federal government moved with uncommon agility to bolster the economy and quickly establish services for those infected with the virus, the nonpartisan Government Accountability Office said Thursday. But in doing... Read More

Treasury Rolls Out Airline Aid Strategy, Urging Carriers to Act Quickly
2020-03-31 17:59:31
by Dan McCue

WASHINGTON - The Treasury Department provided some guidance Monday night on how it will award grants and loans to airlines affected by the coronavirus outbreak, urging them to apply for "payroll support" by Friday. The department said the resources it... Read More

Russian ‘Evil Corp’ is Behind a Decade of Hacks, US Says

WASHINGTON — The U.S. unveiled criminal charges and sanctions against members of a hacking group that calls itself Evil Corp, which authorities blame for some of the worst computer hacking and bank fraud schemes of the past decade. The Justice... Read More

States Appeal Judge’s Decision to Toss Local Tax Deductions Lawsuit
2019-12-03 19:18:23
by Tom Ramstack

WASHINGTON - Four states are appealing a federal judge’s September dismissal of their lawsuit challenging federal authority to limit state and local tax deductions. In a filing before the 2nd U.S. Circuit Court of Appeals, attorneys for the states argue... Read More

Federal Budget
US Budget Deficit Jumped By $140 Billion Through June
2019-07-12 14:15:05
by Dan McCue

WASHINGTON - The U.S. budget deficit increased by $140 billion during the first nine months of the current fiscal year, rising to $747.1 billion, the Treasury Department said Thursday. The department said the deficit for the current fiscal year through... Read More

House Democrats Sue Treasury Department Over Trump Tax Returns
2019-07-02 19:41:57
by Dan McCue

WASHINGTON -  House Democrats sued the Trump administration in federal court Tuesday for access to President Donald Trump's tax returns, setting up a legal showdown over the records. In a complaint filed in the U.S. District Court for the District... Read More

Treasury Department Aims to Make it Easier to Buy Single-Serve Wine
2019-07-01 20:49:01
by Dan McCue

WASHINGTON - The Treasury Department, responding to an explosion in the sale of wine in cans and single-serve bottles, is seeking public comment of eliminating all but the minimum "stand of fill" for wine containers. In a Federal Register notice... Read More

IRS Misses Deadline On Trump Tax Returns, Setting Stage for Legal Battle
2019-04-23 21:36:51
by Dan McCue

The Internal Revenue Service missed a 5 p.m. Tuesday deadline to hand copies of President Donald Trump's personal and business tax returns over to Congress, setting the stage for a potentially lengthy legal battle. In a letter to House Ways... Read More

Federal Deficit Projected to Exceed $1 Trillion By Late September
2019-04-10 21:15:23
by Dan McCue

The federal budget deficit for the fiscal year to date is $691 billion and will exceed $1 trillion by the time the current budget year ends in September, the Treasury Department said Wednesday. In its monthly report on the government's... Read More

Straight From The Well