Congress controls how much money the United States can borrow. Here’s a look at why that is and what it means.
Category: Treasury Department
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Is the Debt Limit Constitutional? Biden Aides Are Debating It.
As the government heads toward a possible default on its debt as soon as next month, officials are entertaining a legal theory that previous administrations ruled out.
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U.S. Could Run Out of Cash by June 1, Yellen Warns
Janet L. Yellen, the Treasury secretary, called on Congress to raise or suspend the debt limit so the United States could continue paying its bills.
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Trickling Tax Revenue Complicates Debt Limit Talks
The Treasury Department’s ability to delay a default, the so-called X-date, hinges on how fast the money is coming in.
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U.K. Watchdog Blocks Microsoft’s Bid to Buy Activision
The British antitrust watchdog blocked the takeover attempt, in a decision that will be closely watched in Washington and Brussels.
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British American Tobacco Pays U.S. $635 Million for North Korea Cigarette Scheme
Prosecutors in the United States said the firm secretly did business with North Korea through an intermediary, violating sanctions. The company apologized.
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Yellen to Call for ‘Constructive’ China Relationship
The Treasury secretary will strike a more conciliatory note in a speech Thursday, following months of escalated tensions between the world’s two largest economies.
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As Possible Debt Limit Crisis Nears, Wall Street Shrugs
Few investors have focused on the possibility that Congress will not raise the nation’s borrowing limit in time to avoid an economically catastrophic default.
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As Possible Debt Limit Crisis Nears, Wall Street Shrugs
Few investors have focused on the possibility that Congress will not raise the nation’s borrowing limit in time to avoid an economically catastrophic default.
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U.S. Car Brands Will Benefit Most From Electric Vehicle Tax Breaks
Rules that take effect on Tuesday will limit the $7,500 credits to electric cars made domestically with minerals from the U.S. or trade allies.
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IMF Lowers Growth Outlook Amid Financial System Tremors
The International Monetary Fund says a painful slowdown, which could include a recession, has become a bigger risk for the global economy.