Treasury Department

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Economy in 'Sharp Decline,' Paulson Admits

He won't say recession, but treasury secretary comes close

(Newser) - Hank Paulson came closer than ever to conceding that the economy is in recession in a series of interviews yesterday, Reuters reports. Weary after a weekend in which he helped to broker Bear Stearns' fire sale to JPMorgan, the treasury secretary avoided the R-word but admitted: "There's no doubt...

Paulson Wants to Toss Pennies
 Paulson Wants to Toss Pennies 
Feb 29, 2008 4:15 PM CST

Paulson Wants to Toss Pennies

Costs outweigh value of small change, but government has no plans to cash out

(Newser) - Henry Paulson sees little point in pennies and would stop their production if he could, the AP reports. “The penny is worth less than any other currency,” the Treasury Secretary said today in a radio interview. But a sea change in change isn't imminent: Paulson says he...

US, Iran Met on Terror Financing
US, Iran Met
on Terror Financing
Feb 16, 2008 7:27 AM CST

US, Iran Met on Terror Financing

Rare encounter last month at a multinational conference

(Newser) - Senior Treasury Department official Daniel Glaser met last month with representatives from Iran to discuss "the significant threat Iran poses to the integrity of the international financial system," Reuters reports. The rare talks, which required special permission from the US government, took place during a meeting of the...

Bush Legacy of Debt May Stymie Successor

He will unveil record $3T budget as deficit soars

(Newser) - The next president may inherit a US government so deeply in debt it could lose its Triple-A credit rating for the first time since Moody's Investors Service began grading securities 90 years ago, warns the Wall Street Journal. The White House is preparing to unveil a record $3 trillion budget...

Paulson Calls for More Housing Relief

Treasury secretary suggests aid for prime-rate borrowers

(Newser) - Treasury Secretary Henry Paulson advised the mortgage industry today to give help to millions of financially stressed homeowners whose mortgages are set to rise. His comments signal that the Bush administration is starting to push lenders to expand relief beyond subprime borrowers to homeowners with other adjustable-rate loans, reports the...

Social Security Debit Cards in the Works

Eliminating checks will save government money, lessen security worries

(Newser) - A new Social Security debit card, intended to replace paper checks for the millions of seniors who don’t have bank accounts, will be available by this spring, the Treasury Department said today. It's the latest phase in a shift from fraud-prone paper payments to safer, cheaper electronic ones, the...

Senate Blocks Tax Hikes
Senate Blocks Tax Hikes
Dec 7, 2007 2:50 AM CST

Senate Blocks Tax Hikes

Fix shields millions from alternative minimum tax

(Newser) - The Senate has voted overwhelmingly to shield 23 million Americans from tax increases imposed by the alternative minimum tax—without replacing $50 billion in lost revenue. The vote to extend protection from the tax represents a retreat for Democrats who had pledged to meet the shortfall with spending cuts or...

Bush to Offer Mortgage Freeze
Bush to Offer Mortgage Freeze
Dec 5, 2007 1:07 PM CST

Bush to Offer Mortgage Freeze

Plan would help homeowners facing rate increases

(Newser) - President Bush will detail tomorrow the Treasury Department's plan to hold interest rates steady for subprime borrowers at risk of defaulting on their mortgages when rates rise, Reuters reports. The plan, negotiated with mortgages lenders and investors, would freeze for five years adjustable loans due to jump to higher rates...

Mortgage-Rate Freeze Draws Backlash
Mortgage-Rate Freeze Draws Backlash
Dec 1, 2007 11:51 AM CST

Mortgage-Rate Freeze Draws Backlash

Plan to give borrowers a break called 'morally repugnant'

(Newser) - Not everyone is applauding Treasury Secretary Hank Paulson's plan to freeze adjustable mortgage rates on distressed home loans to help contain the spreading subprime crisis. Some analysts think the plan will only postpone foreclosures, rather than preventing them. And now that loans are bundled and sold to investors, some of...

Plan to Freeze Subprime Loans
Plan to Freeze Subprime Loans
Nov 30, 2007 3:12 AM CST

Plan to Freeze Subprime Loans

Treasury and lenders close to deal

(Newser) - The Treasury Department and a coalition of lenders are close to a deal to freeze interest rates on some subprime loans in a bid to bring the mushrooming mortgage crisis under control, reports the Wall Street Journal. A freeze would ease the burden on beleaguered borrowers and banks. Rates on...

WH Pares 2008 Economic Forecast, Hikes Jobless Rate

Housing decline 'more significant' than thought

(Newser) - The White House cut back its expectations for 2008 economic growth today and said unemployment rates are likely to worsen, citing the housing slump. GDP will grow only by 2.7% next year, down from an earlier 3.1%, said officials from Treasury and the Council of Economic Advisers; and...

Big Banks Settle on Superfund Terms
Big Banks Settle on Superfund Terms
Nov 11, 2007 12:49 PM CST

Big Banks Settle on Superfund Terms

Paulson says fund will help, but analysts bearish on its prospects

(Newser) - The country’s top three banks have finalized agreements for the $75 billion superfund they hope will cushion further blows to the credit market, reports the NY Times. After nearly two months of haggling, Bank of America, Citigroup, and JPMorgan Chase agreed to simpler conditions than outlined in the fund’...

Paulson: Economy in Danger
Paulson: Economy in Danger
Oct 16, 2007 12:40 PM CDT

Paulson: Economy in Danger

(Newser) - The ongoing housing implosion poses “a significant risk” to the economy, Treasury Secretary Henry Paulson said in a speech at Georgetown University today, in a sobering about-face from earlier attempts to downplay the crisis. “The ongoing housing correction is not ending as quickly as it appeared,” he...

Social Security Fund Faces $13.6 Trillion Shortfall

Only taxes or slashed benefits can save program

(Newser) - Slashing benefits or hiking taxes—or both—is the only way to make the Social Security system solvent, reports a Treasury Department briefing paper. Treasury Secretary Henry Paulson warned that faster economic growth alone won't solve the money problems of  Social Security, which faces a $13.6 trillion shortfall in...

The C-Note Gets a Facelift
The C-Note Gets a Facelift
Aug 26, 2007 3:51 PM CDT

The C-Note Gets a Facelift

New security thread aims to protect bill most targeted by foreign counterfeiters

(Newser) - Even Ben Franklin has a little work done every now and then. The $100 bill, which bears the founding father's image, is undergoing a state-of-the-art redesign aimed at thwarting counterfeiters who target the C-note more than any other denomination, the AP reports. The new security thread utilizes microprinting and 650,...

Bush Ready to 'Push Hard' for Biz Tax Breaks

But he knows it's a tough sell

(Newser) - President Bush is considering a new package of corporate tax breaks in a bid to perk up Wall Street, calm volatile markets and send a message the economy is sound, the Washington Post reports. At the same time he rejected Democratic proposals to allow Fannie Mae and Freddie Mac more...

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