Topic: U.S. Department of the Treasury
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Debt-ceiling showdown: 4 reasons it's not a replay of 2011
In 2011, Congress and President Obama went to the brink of government default when congressional Republicans balked at raising the nation's debt ceiling. The spring of 2013 appears to have another debt ceiling fight in store. Here are the top four things that have changed.
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Ten tax moves to protect yourself from the fiscal cliff
Americans are facing an unprecedented tax increase of nearly $500 billion on Jan. 1, 2013, from the so-called "fiscal cliff." Are you ready? Here are 10 year-end tax strategies I recommend:
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Briefing
Obama vs. Romney 101: 3 ways they differ on regulation
Wall Street is a big target – blamed for the financial crisis that led to the Great Recession. Mitt Romney says efforts to rein in financiers via more regulation are an attack on “economic freedom.” President Obama says new regulations would make it “more profitable to play by the rules than to game the system.” Here are three specifics on which the two differ.
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Focus
Recession in America? 10 questions assessing the threat.
Concerns about weak economies in Europe have already rattled global financial markets, and things are hardly rosy at home. Is America heading into a recession? Here are answers to 10 questions about that risk.
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Major gay marriage cases in federal court and where they stand
Battles over same-sex marriage have been raging in the federal courts for several years. Two could reach the US Supreme Court within a year: one challenging California's ban on gay marriage under Proposition 8, and the other seeking to invalidate the federal Defense of Marriage Act (DOMA). Here are the cases to follow.
All Content
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Canada alleges Al Qaeda plot from Iran, but Tehran's involvement unlikely (+video)
Shiite Iran and Sunni Al Qaeda have long had a hostile relationship. While state involvement appears unlikely, Tehran has less control over the country's far east.
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Al Qaeda in Canada? Two men arrested, charged with terrorism.
Two men were charged with plotting a terrorist attack against a Canadian passenger train with support from Al Qaeda elements in Iran, police said Monday. The men are not Canadian citizens, but they had been in Canada a "significant amount of time," said police.
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Opinion: Talks with North Korea? Better to apply financial pressure (+video)
South Korea and the US must be skeptical about future talks, not least because North Korea has no incentive to change. However, the North is vulnerable to financial pressure, as seen when the US once sanctioned an Asian bank that handled North Korean money.
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Carnival to repay costs of rescue: What's the tab?
Carnival plans to repay the U.S. government for responding to the disabled Carnival 'Triumph' and 'Splendor' cruise ships, which left thousands of passengers stranded for days.
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Can US-Russia relations get back on track after human rights blacklists?
President Obama and Russian President Vladimir Putin are hinting at hopes of getting past disputes over human rights to issues of mutual interest to the two powers, like missile defense.
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USA Update Obama, like everyone, must face the tax man. Here are his numbers.
President Obama is wealthy, but his income has been dropping in recent years, mainly due to a decline in book revenues. In releasing his 2012 return, the White House again pushed for tax reform.
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Tax VOX Should the US adopt a territorial tax system?
Backers of a territorial tax system argue that the current worldwide system puts US firms at a competitive disadvantage since they must pay the high US tax rate on repatriated profits earned by their affiliates in low-tax countries, while multinationals based in territorial countries pay only the local tax rate on these profits, Toder writes.
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U.S. readies for 'real and clear danger' from North Korea
North Korea has threatened the United States with a nuclear attack. In response, Washington has made plans to send a missile defense system to Guam, officials said Wednesday.
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Fannie Mae record profit: How long until it pays back bailout money?
Fannie Mae, the mortgage giant, made a record $17.2 billion in 2012. So far, it has paid back $36 billion of the $116 billion it received in a US bailout.
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Stock market's record bull run shows few signs of slowing down
Stock market averages are hitting record highs routinely, and there are few red flags to indicate they are about to peak. Instead, historical data suggest a continued upward trend.
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Tax VOX Low home prices: Time to reform the mortgage tax subsidy?
With both interest rates and prices so low, this could be the ideal time to redesign the tax subsidy for home ownership, Gleckman writes. That goes against many who say that the housing market remains so shaky that ending the deduction would send home prices back into a tailspin.
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IRS unclaimed refunds: The IRS owes you $1 billion (some of you, anyway)
Did you claim your refund? The IRS reports that $917 million in unclaimed refunds from 2009 will be theirs to keep as of April 15. If your paycheck withheld more than you owed, there's no penalty for filing your taxes late — but after three years, the feds get to keep your unclaimed refund.
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Debt-laden Detroit makes one last bid to avert fiscal takeover by state
Detroit officials on Tuesday argued against handing over fiscal control of the city to a state-appointed emergency manager, citing an agreement already in place to repair city finances. Governor's final decision on next step is expected this week.
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Lean In: Women, Work, and the Will to Lead
Sheryl Sandberg's new book is a lightning rod for controversy. Will it be a catalyst for change?
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Robert Reich Why stocks are up while wages are down
Reich offers four reasons why the stock market is doing so well, while most Americans are doing so poorly.
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Opinion: Jack Lew, John Galt, and American universities
Instead of complaining narrowly about newly confirmed Treasury Secretary Jack Lew’s bloated compensation at NYU, we should demand that all universities release all employee salaries. As tuitions skyrocket, students and parents have the right to know where their dollars are going.
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Sequester 101: Is all this fuss really necessary?
The sequester spending cuts set to kick in March 1 address a serious long-term problem. But are they needed this year and in this way? No one thinks it's a perfect step.
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American and US Airways to become the world's largest airline (+video)
Leaders of the deal between American Airlines and US Airways decided early on that they would only proceed as long as they had the backing of American employees. The two sides believe they would receive regulatory backing for a merger. The new company is to be called American Airlines and based out of Fort Worth, Texas.
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State of the Union 101: Nine Obama proposals that might create jobs
A trade pact with the EU. Rebuilding roads and bridges. Innovation centers for manufacturing. Obama put forward a lot of proposals in his State of the Union address, but which ones will add the most jobs?
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Iran airs footage allegedly from captured US drone (+video)
The video, shown on Iranian TV, purports to show intelligence gathered by the drone before it was brought down by Iran in Dec. 2011.
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January jobs report: Will 'OK' jobs market make politicians complacent?
Employers added 157,000 jobs in January, but the unemployment rate rose to 7.9 percent. Now, in a few weeks, sizable federal spending cuts could put an added damper on economic activity.
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Energy Voices A123 purchase by Chinese firm approved by US. Are energy secrets safe?
The acquisition of A123 Systems Inc. by China-based Wanxiang Group Corp. passed its last official hurdle with the authorization by the US government. The approval comes despite concerns that the A123 Systems deal would expose sensitive energy technology to Chinese authorities.
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So if the US really hits the debt ceiling, then what?
The negative effects of hitting the debt ceiling could be mitigated by setting priorities for bill-paying, conservatives argue, but financial markets could still consider the US to have defaulted.
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Donald Marron Treasury nixes $1 trillion platinum coin
Neither Treasury nor Federal Reserve believes its legal to use platinum coins to avoid debt-limit increase, Treasury spokesman says. With $1 trillion platinum coin out, administration ponders other debt-limit strategies.
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White House opts not to create a Death Star. But a ‘magic coin’?
A number of fanciful ideas on economic policy have been floated in recent weeks. The so-called Death Star idea, officially rejected, was a stimulus plan. The 'magic coin' plot is meant to sidestep a showdown with Congress over the national debt ceiling. Seriously?
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