Treasury Secretary Janet Yellen said on Tuesday that Congress has until Oct. 18 to raise or suspend the debt limit before the United States is expected to default on the national debt. “We now estimate that Treasury is likely to exhaust its extraordinary measures if Congress has not acted to …
Read More »Democrats Unveil Plans To Tie Debt Limit Suspension To Spending Bill
Democratic congressional leaders on Monday unveiled plans to tie the suspension of the nation’s debt limit to a spending bill that would also fund the government through the end of the year after the current budget lapses on September 30. The fate of the plan is unclear since Republicans have vowed …
Read More »Social Security Benefits Will Have To Be Cut By 2034 Unless Congress Acts
On Tuesday, the Social Security and Medicare Trustees released an annual report that details the program’s long-term funding shortfall and how benefits will have to be cut by 2034 unless Congress acts. The report attributes the program’s issues to the COVID-19 pandemic and the economic recession. Data from the Census …
Read More »G20 Backs Deal To Overhaul The Way Multinational Companies Are Taxed
G20 finance ministers on Saturday gave their backing to a historic deal to overhaul the way multinational companies are taxed and urged hold-out countries to get on board. Some 132 countries have already signed up to a framework for international tax reform, including a minimum corporate rate of 15 percent, …
Read More »Judge Rules Against Republican AG Efforts To Block Provision In COVID-19 Relief Law
A federal judge on Wednesday ruled against an effort by Ohio’s Republican attorney general to temporarily block a provision of President Biden‘s coronavirus relief law that forbids states from using federal aid to offset any future tax cuts. “The bottom line is this – preliminary injunction that stands no meaningful prospect …
Read More »Janet Yellen Is Confirmed As The First Female Treasury Secretary In US History
Congress confirmed Janet Yellen as the first woman Treasury Secretary in American history on Monday. The new head of the Treasury will be responsible for overseeing President Joe Biden’s $1.9 trillion American Rescue Plan. The notable Treasurer has broken several political barriers. In 2014, she became the first woman to run …
Read More »Cabinet Profiles: Janet Yellen: Secretary of the Treasury
The first hearings for President-elect Joe Biden’s Cabinet nominations begin today. We will hear testimony from his picks to lead all of his cabinet positions over the next several weeks. We will profile the nominees in advance of their hearings so our readers will have some background information as the …
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