Department of the Treasury Archives

GOP Lawmaker Floats Mechanism to Default Spending to Current Levels to Avert Debt Ceiling Crises

January 23, 2023January 22, 2023 Just the News

With the nation stuck at its $31.38 trillion debt limit and the Department of the Treasury imposing “extraordinary measures” to keep the government running, one GOP lawmaker is floating a new proposal to default federal spending to current levels to avert recurring standoffs over raising the debt ceiling.

Democrats are demanding a vote on a clean debt ceiling increase, while House Republicans, in particular the party’s conservative wing, hope to match any such increase with spending cuts. The White House has thus far rebuffed calls from House Speaker Kevin McCarthy to negotiate.

With Gas Prices at Historic Highs, Biden Calls for Raising Taxes on Oil Drillers

March 30, 2022March 29, 2022 Admin

President Joe Biden’s budget proposes to scrap more than $45 billion in fossil fuel subsidies, his administration’s latest attack on the beleaguered industry.

The White House budget will remove more than a dozen fossil fuel industry tax credits, increasing the federal government’s revenue by an estimated $45.2 billion between 2023-2032, according to the proposal published Monday. The administration explained that the proposal was written to prevent further fossil fuel investment.

‘We Need to Be Honest’: Biden Suggests U.S. Gas Prices Will Increase Because of His Russian Sanctions

February 24, 2022February 23, 2022 Admin

President Joe Biden suggested that Americans may be negatively impacted at the pump as a result of a sanctions package targeting Russia he unveiled Tuesday.

“As we respond, my administration is using every tool at our disposal to protect American businesses and consumers from rising prices at the pump,” the president remarked at the White House on Tuesday. “As I said last week, defending freedom will have costs for us as well and here at home. We need to be honest about that.”

Arizona Gov. Ducey Plans to Defy Biden Administration, Continue Awarding Grants to Schools Without Mask Mandates

October 9, 2021October 8, 2021 Cooper Moran

Arizona Governor Doug Ducey (R) on Thursday pledged to defy an order from the U.S. Department of the Treasury, instructing Ducey to stop using COVID-19 relief to award grants to schools that do not have a mask mandate.

Calling the order from the Treasury Department “federal overreach,” Ducey explained that the two programs will continue, or he will challenge the Biden administration in court.

Tenants Nationwide Behind on Rent Despite Billions of Unspent Federal Aid

August 28, 2021August 27, 2021 Admin

Low-income tenants across the country are behind on rent payments because of the pandemic, even as billions of dollars appropriated by Congress to assist renters remain untouched.

About $5.2 billion of the $46.6 billion — roughly 11% — set aside for the Emergency Rental Assistance (ERA) program has been distributed to low-income tenants, according to the most recent data released by the Department of the Treasury on Wednesday. House Financial Services Committee Ranking Member Patrick McHenry characterized the Biden administration’s handling of the ERA program as “gross mismanagement.”

Treasury Department Has Distributed Fraction of Emergency Rent Assistance with Just Days Until Evictions Begin

July 23, 2021July 23, 2021 Admin

The Department of the Treasury has awarded a small fraction of the tens of billions of dollars Congress appropriated for pandemic rental assistance since January.

The federal government has expended less than $3 billion of the $46.6 billion in funds given to the Emergency Rental Assistance (ERA) program, the Treasury Department announced on Wednesday. The U.S. doled out $1.49 billion from January through May and $1.5 billion in June to low-income renters nationwide, according to a spreadsheet published by the Treasury.

Elizabeth Warren Reportedly Plans to Lobby Biden to be Treasury Secretary

October 31, 2020October 30, 2020 Admin

Massachusetts Sen. Elizabeth Warren plans to lobby Democratic nominee Joe Biden to be his Treasury Secretary if he wins next week’s election, Politico reported Thursday evening.

“She wants it,” two Democratic officials told Politico, referring to Warren.

Committee on Foreign Investment May Not Be Able to Handle Its Exploding Caseload

April 22, 2019April 21, 2019 Admin

by Riley Walters The Committee on Foreign Investment in the U.S. is often compared to a black box. Investors may be aware of what it does, but few know what really goes on inside. The nine members of the committee, drawn from various federal agencies, are in charge of…