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Treasury Department

Formerly a cash cow, the Fed is now losing "about $2 billion a week"

by Nancy Marshall-Genzer
Feb 1, 2023
The central bank invested in securities to get the economy through the pandemic recession.
The U.S. Federal Reserve is seen in Washington, DC. The bank has been a source of government revenue for years following the 2008 financial crisis, but rising interest rates may soon change that.
Mandel Ngan/AFP via Getty Images
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Raising the Debt Ceiling

The U.S. hit its debt ceiling. Now it's time for “extraordinary measures.”

by Samantha Fields
Jan 19, 2023
Basically, Treasury will have to move money around so it can keep paying the country’s most important bills. At least for a little while longer.
Treasury Secretary Janet Yellen warned that her department would have to take "extraordinary measures" to keep the U.S. government from defaulting on its debt.
Alex Wong/Getty Images
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Raising the Debt Ceiling

The origin of the U.S. debt ceiling

by Kai Ryssdal and Maria Hollenhorst
Nov 2, 2021
Congress is once again considering raising the debt limit. When did that start?
A sign at a Washington, D.C., bus stop showed the amount of the national debt on Oct. 25. The clock is ticking on another debt ceiling agreement to prevent a default.
Julie Chabanas/AFP via Getty Images
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Treasury says U.S. child care system is a market failure

by Kimberly Adams
Sep 15, 2021
The Biden administration is calling for Congress to expand existing programs and tax credits, as well as provide universal preschool.
A Treasury Department report released Wednesday argues that the child care industry is failing families because of inadequate availability and high costs.
Ina Fassbender/AFP via Getty Images
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Biden: Yellen needs a “Hamilton” musical. Dessa: Here you go.

by Marketplace Staff
Jan 21, 2021
We asked indie rapper and "Hamilton Mixtape" contributor Dessa to write a song about the first woman poised to be treasury secretary. Listen here.
"She’s 5-foot nothing, but hand to God, she can pop a collar, she can rock a power bob."
Chip Somodevilla/Getty Images
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What Janet Yellen would bring — and face — as treasury secretary

by Sabri Ben-Achour
Jan 19, 2021
In her Senate confirmation hearing Tuesday, Yellen is calling on Congress to do more to fight a deep pandemic-induced recession.
Treasury secretary nominee Janet Yellen speaks after President-elect Joe Biden announced his economic team in Wilmington, Delaware, on Dec. 1, 2020.
Chandan Khanna/AFP via Getty Images
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Next round of PPP loans starts Monday

by Sabri Ben-Achour and Nancy Marshall-Genzer
Jan 11, 2021
Loan money can be used to cover more expenses this time around — not just payroll, but also to buy supplies.
Larger companies initially took advantage of the Paycheck Protection Program, which was intended to offer forgivable loans to smaller businesses.
Kameleon007 via Getty Images
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COVID-19

Some delayed stimulus payments may not arrive until you file 2020 taxes

by Nova Safo
Jan 7, 2021
If the IRS has out-of-date information for your bank account, you may have to claim the stimulus as a credit on your 2020 taxes.
There’s a glitch in the direct payments system: For some taxpayers, the IRS has out-of-date bank account information.
Olivier Douliery/AFP via Getty Images
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Janet Yellen, Biden's pick for treasury secretary, says U.S. needs more pandemic relief spending

by David Brancaccio , Nancy Marshall-Genzer and Alex Schroeder
Nov 24, 2020
Yellen, a former Fed chair, has advocated for more spending to aid small businesses and the unemployed during COVID-19.
Yellen is seen as an authority on what happens if the government cuts back on stimulus spending too soon.
Brendan Smialowski/AFP via Getty Images
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AP source: Biden taps ex-Fed chair Yellen to lead treasury

by Associated Press
Nov 23, 2020
Yellen, who is widely admired in the financial world, would be the first woman to lead the Treasury Department.
Treasury Secretary Janet Yellen warned that her department would have to take "extraordinary measures" to keep the U.S. government from defaulting on its debt.
Alex Wong/Getty Images
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