Treasury
U.S. likely to default on debt between July and September unless Congress acts, CBO says
WASHINGTON — Congress has until at least July to broker a bipartisan debt agreement if lawmakers want to avoid a first-ever default, according to the Congressional Budget Office. The nonpartisan scorekeeper, which typically details how much legislation would cost, released a report Wednesday saying that U.S. lawmakers and the Biden administration have until sometime between […]
Civil rights group objects to using federal COVID aid for jails
The American Civil Liberties Union is asking the Treasury Department to take a harder line on states and local governments using federal American Rescue Plan Act money to build and expand correctional facilities. One of the projects it cited is in Scott County, where local officials had previously considered using the federal money for a […]
U.S. hits debt limit and Treasury Department begins ‘extraordinary measures’
WASHINGTON — The nation reached its debt limit Thursday, beginning the uncertain process known as extraordinary measures, in which the U.S. Treasury Department uses accounting maneuvers to avoid defaulting on the debt. The often-used practice is intended to give the Republican House, Democratic Senate and Biden administration time to negotiate a bipartisan agreement to raise […]
U.S. to hit debt limit much sooner than expected, thrusting Congress into showdown
WASHINGTON — The U.S. government will hit its borrowing limit next week, forcing the new, divided Congress into negotiations over the debt limit much sooner than expected, though a potential date for the nation to default isn’t expected until this summer. Treasury Secretary Janet Yellen wrote to Congress on Friday afternoon, telling leaders the United […]
Fed inflation fight raises risks of both recession and financial crisis
There is wide agreement among economists and market observers that the Federal Reserve’s aggressive interest rate hikes will cause economic growth to grind to a halt, leading to a recession. Less talked about is the risk of a financial crisis as the U.S. central bank simultaneously tries to shrink its massive balance sheet. As expected, […]
New plan for Venezuelan migrants will accept some into the U.S., send others to Mexico
WASHINGTON — The Biden administration on Wednesday night announced new guidelines for Venezuelan migrants, under which some will have a pathway to temporary residence in the United States and others who crossed the border without authorization will be sent back to Mexico. U.S. Secretary of Homeland Security Alejandro N. Mayorkas announced an agreement between Mexico […]