WASHINGTON (AP) — President Joe Biden and House Speaker Kevin McCarthy reached an “agreement in principle” to raise the nation's legal debt ceiling late Saturday as they raced to strike a deal to limit federal spending and avert a potentially disastrous U.S.
X marks the spot: Yellen tells Congress US could run out of money to pay all its bills by June 5
May 27, 2023 GMTWASHINGTON (AP) — Treasury Secretary Janet Yellen told Congress on Friday that the U.S. could default on its debt obligations by June 5 — four days later than previously estimated — if lawmakers do not act in time to raise the federal debt ceiling.
It’s complicated: ‘X-date’ calculations aim to zero in on when the US may run short of cash
May 26, 2023 GMTWASHINGTON (AP) — For all the concern over just when the government might run short of money to pay its bills, it turns out that no one can be absolutely sure exactly when the country will default — what officials are calling the “X-date” — if there's no deal to raise the debt limit.
Debt ceiling explained: What to know about the showdown in Washington as default looms
May 26, 2023 GMTWASHINGTON (AP) — House Republicans still do not have a deal with President Joe Biden to raise the debt ceiling as the nation is a little more than a week away from a potentially catastrophic default.
US sanctions head of Russia’s Wagner Group in Mali, accused of arms trafficking for Ukraine fight
May 25, 2023 GMTWASHINGTON (AP) — The U.S. on Thursday sanctioned the leader of Russia's paramilitary Wagner Group in Mali, citing what it said were indications that the Kremlin was trying to use the West African nation as a way-station for arms shipments to Russian forces in Ukraine.
Threat of US credit downgrade looms over debt ceiling talks
May 25, 2023 GMTWASHINGTON (AP) — With one of three major rating agencies warning that America’s AAA credit is at risk, the stakes are growing in the standoff in Washington over raising the nation's debt limit.
McCarthy says debt ceiling standoff ‘not my fault,’ as White House warns of economic risks
May 25, 2023 GMTWASHINGTON (AP) — A defiant House Speaker Kevin McCarthy said Wednesday the debt ceiling standoff was “not my fault” as he sent Republican negotiators to the White House to finish out talks, but warned the two sides need more time as they try to reach a budget deal with President Joe Biden.
How raising the nation’s debt limit could reduce spending of some coronavirus relief funds
May 23, 2023 GMTWith the pandemic officially over, leftover coronavirus relief money for vaccines, public health initiatives and other programs has become a target as negotiators try to reach a budget deal to raise the nation's debt limit.
WASHINGTON (AP) — If the fight with Congress over raising the government's debt limit is such a dire threat, why doesn't President Joe Biden just raise the borrowing ceiling himself?
Sanctions against Russia and what the G7 may do to fortify them
May 20, 2023 GMTHIROSHIMA, Japan (AP) — The Group of Seven advanced economies are expected to announce a new set of sanctions against Russia to try to further hinder its war effort in Ukraine during their summit in Hiroshima, Japan.
Here come more sanctions: How effective are they are stopping Russia’s invasion of Ukraine?
May 19, 2023 GMTWASHINGTON (AP) — The U.S. and other Group of Seven nations rolled out a new wave of global sanctions against Russia over its invasion of Ukraine as they met Friday during a summit in Japan.
G7 stance on China complicated by huge stakes in economic ties, cooperation on global issues
May 19, 2023 GMTHIROSHIMA, Japan (AP) — Leaders of the Group of Seven advanced economies are generally united in voicing concern about China. The question is how to translate that worry into action.
WASHINGTON (AP) — All the hand-wringing over a potential government default if Congress doesn't increase the government's $31.4 trillion debt ceiling has conjured up images of past government shutdowns.
Biden declares ‘America will not default,’ says he’s confident of budget deal with GOP lawmakers
May 17, 2023 GMTWASHINGTON (AP) — An optimistic President Joe Biden declared Wednesday he is confident the U.S. will avoid an unprecedented and potentially catastrophic debt default, saying talks with congressional Republicans have been productive.
Debt limit progress as Biden, McCarthy name top negotiators to avert national default
May 17, 2023 GMTWASHINGTON (AP) — Debt-limit talks shifted into an encouraging new phase Tuesday as President Joe Biden and House Speaker Kevin McCarthy named top emissaries to negotiate a deal to avert an unprecedented national default.
WASHINGTON (AP) — House Speaker Kevin McCarthy said Monday there's been “no progress” on debt ceiling talks ahead of a meeting with President Joe Biden on Tuesday at the White House, as the country pushes closer to a crisis over the need to raise its legal borrowing limit.
Biden, congressional leaders likely to meet Tuesday for talks on raising the debt limit
May 15, 2023 GMTREHOBOTH BEACH, Del. (AP) — President Joe Biden and congressional leaders will likely resume talks on Tuesday at the White House over the debt limit as the nation continues to edge closer to its legal borrowing authority with no agreement in sight.
NIIGATA, Japan (AP) — After dozens of standoffs with Congress over government spending in recent decades, Treasury Secretary Janet Yellen said Thursday that in her opinion, the United States should adopt a different system for national finances.
GOP says Biden family financial records a smoking gun. White House calls it a ‘political stunt’
May 10, 2023 GMTWASHINGTON (AP) — Facing growing pressure to show progress in their investigations, House Republicans on Wednesday detailed what they say are concerning new findings about President Joe Biden's family and their finances.
WASHINGTON (AP) — Just how does this debt limit standoff end?
Plenty of scenarios are being publicly and privately gamed out, but no one knows for sure. The possibilities range from kumbaya to economic chaos with plenty of possibilities in between.
Lawsuit: Yellen should ignore ‘unconstitutional’ debt limit
May 8, 2023 GMTWASHINGTON (AP) — A union of government employees on Monday sued Treasury Secretary Janet Yellen and President Joe Biden to try to stop them from complying with the law that limits the government's total debt, which the lawsuit contends is unconstitutional.
Yellen: ‘No good options’ if Congress fails to act on debt
May 7, 2023 GMTWASHINGTON (AP) — Treasury Secretary Janet Yellen said Sunday that there are “no good options” for the United States to avoid an economic “calamity” if Congress fails to raise the nation's borrowing limit of $31.381 trillion in the coming weeks.
Mississippi impeding funds for Jackson’s water, group says
May 5, 2023 GMTJACKSON, Miss. (AP) — Mississippi has intentionally created hurdles that prevent the majority-Black capital city of Jackson from receiving enough money to repair a long-troubled water system that nearly collapsed last year, the Southern Poverty Law Center said Friday in announcing a new civil rights complaint it filed.
US to control land sales to foreigners near 8 military bases
May 5, 2023 GMTWASHINGTON (AP) — Foreign citizens and companies would need U.S. government approval to buy property within 100 miles (160 kilometers) of eight military bases, under a proposed rule change that follows a Chinese firm’s attempt to build a plant near an Air Force base in North Dakota.
Faster IRS offering better picture on looming debt ‘X-date’
May 5, 2023 GMTWASHINGTON (AP) — That big infusion of cash that Congress approved last year to shape up the beleaguered IRS is having an unexpected side benefit.
White House warns of recession as debt limit fight drags on
May 3, 2023 GMTWASHINGTON (AP) — White House economists on Wednesday warned of “severe damage” to the U.S. economy in the event of a debt default, warning that a prolonged default could cause 8.3 million job losses and the stock market to tumble 45%.
Biden, top lawmakers to discuss debt limit at WH May 9
May 1, 2023 GMTWASHINGTON (AP) — President Joe Biden sought Monday to ease a debt limit standoff by inviting the four Congressional leaders to the White House on May 9 — signaling the growing fears of a default as the federal government might be unable to pay its bills as soon as June 1.
Treasury’s Yellen says US could default as soon as June 1
May 1, 2023 GMTWASHINGTON (AP) — Treasury Secretary Janet Yellen notified Congress on Monday that the U.S. could default on its debt as early as June 1, if legislators do not raise or suspend the nation's borrowing authority before then and avert what could potentially become a global financial crisis.
First Republic Bank seized, sold in fire sale to JPMorgan
May 1, 2023 GMTUS sanctions Russia, Iran entities for detaining Americans
April 27, 2023 GMTWASHINGTON (AP) — The Biden administration on Thursday sanctioned Russia's Federal Security Service and Iran's Islamic Revolutionary Guard Corps intelligence organization, accusing them of wrongfully detaining Americans.
US sanctions Mexican resort timeshare fraud linked to cartel
April 27, 2023 GMTMEXICO CITY (AP) — The U.S. Treasury Department announced sanctions Thursday against members or associates of the Jalisco New Generation drug cartel who apparently went into a side business of timeshare fraud that allegedly targeted elderly Americans.
Iran court issues $312.9M judgment against US amid tensions
April 26, 2023 GMTDUBAI, United Arab Emirates (AP) — An Iranian court issued a $312.9 million judgment against the United States over a 2017 Islamic State-claimed attack on Tehran, authorities said Wednesday, the latest judicial action between the nations amid their decadeslong enmity.
More sanctions for deadly fentanyl if bill becomes law
April 25, 2023 GMTWASHINGTON (AP) — Over the past year, the U.S. Treasury Department has used its sanctions powers to impose wide-ranging financial penalties on Russia in response to its invasion of Ukraine — turning Russia into the most sanctioned country in the world.
What’s behind the looming ‘x-date’ on the US debt limit?
April 24, 2023 GMTWASHINGTON (AP) — In January, the U.S. government ran up against its legal borrowing limit of $31.381 trillion, and the Treasury Department began implementing “extraordinary measures” to avoid missing payments on its bills.
Lawmakers war-game conflict with China, hoping to deter one
April 22, 2023 GMTWASHINGTON (AP) — It’s April 22, 2027, and 72 hours into a first-strike Chinese attack on Taiwan and the U.S.
2 charged in $150M scheme with sanctioned Ukrainian oligarch
April 20, 2023 GMTORLANDO, Fla. (AP) — A U.S. businessman and a Belarus national have been arrested in Florida and charged with violating U.S. sanctions in a scheme that involved purchasing over $150 million in steelmaking materials from an exiled Ukrainian oligarch accused of funding Russian-backed separatist groups in eastern Ukraine.
UK, US sanction art dealer with suspected ties to Hezbollah
April 18, 2023 GMTLONDON (AP) — A diamond and art dealer was sanctioned Tuesday by the U.K. and U.S. governments for allegedly funding Lebanon’s militant Hezbollah group.
The U.K. Treasury said it froze Nazem Ahmad's assets in the U.K.
See the EVs eligible for tax credits - and why most aren’t
April 17, 2023 GMTDETROIT (AP) — Ten electric or plug-in hybrid vehicles will be eligible for a $7,500 U.S. tax credit, while another seven could get $3,750 under new federal rules that go into effect on Tuesday.
But under the Treasury Department rules and other provisions of last year's Inflation Reduction Act, most of the more than 60 electric or plug-in hybrids on sale in the U.S.
Hungary to pull out of Russia-linked bank after US sanctions
April 13, 2023 GMTBUDAPEST, Hungary (AP) — Hungary is withdrawing its membership in a Russia-controlled investment bank a day after the United States issued sanctions against the Budapest-based financial institution.
Zelenskyy calls for confiscating Russian Central Bank funds
April 12, 2023 GMTWASHINGTON (AP) — In an appeal to the heads of the IMF and World Bank, Ukraine's president on Wednesday renewed his call to confiscate Russian Central Bank assets held around the world and use them to help rebuild Ukraine.
US, UK aim sanctions at Russian oligarchs’ finance networks
April 12, 2023 GMTWASHINGTON (AP) — The United States and Britain announced new sanctions Wednesday aimed at Russian oligarchs Alisher Usmanov and Roman Abramovich, targeting the financial networks of two of Moscow's wealthiest businessmen who are close allies of Russian President Vladimir Putin.
AP sources: EPA car rule to push huge increase in EV sales
April 10, 2023 GMTWASHINGTON (AP) — The Biden administration will propose strict new automobile pollution limits this week that would require at least 54% of new vehicles sold in the U.S. to be electric by 2030 and as many as two of every three by 2032, according to industry and environmental officials briefed on the plan.
US sanction officials plan missions to clamp down on Russia
April 7, 2023 GMTWASHINGTON (AP) — Top sanctions officials from the U.S. Treasury Department plan special international trips this month to pressure firms and countries still doing business with Russia to cut off financial ties because of the war on Ukraine.
IRS pledges more audits of wealthy, better customer service
April 7, 2023 GMTWASHINGTON (AP) — The IRS released details Thursday on how it plans to use an infusion of $80 billion for improved operations, pledging to invest in new technology, hire more customer service representatives and expand its ability to audit high-wealth taxpayers.
IMF head expects less than 3% global economic growth in 2023
April 6, 2023 GMTWASHINGTON (AP) — The International Monetary Fund chief said Thursday the world economy is expected to grow less than 3% this year, down from 3.4% last year, increasing the risk of hunger and poverty globally.
Biden offers $450M for clean energy projects at coal mines
April 4, 2023 GMTWASHINGTON (AP) — President Joe Biden's administration is making $450 million available for solar farms and other clean energy projects at the site of current or former coal mines, part of his efforts to combat climate change.
New IRS leader promises faster, easier tax filing process
April 4, 2023 GMTWASHINGTON (AP) — New IRS Commissioner Danny Werfel delivered a tax-season pledge Tuesday that the agency will use an $80 billion infusion of cash to become faster, more tech-savvy and provide “real-world improvements” to taxpayers.
US sanctions Lebanese brothers who sold ‘compromised fuel’
April 4, 2023 GMTWASHINGTON (AP) — The U.S. Treasury Department on Tuesday sanctioned two Lebanese brothers who are accused of selling “dangerously compromised fuel" to Lebanon's state utility company.
The Treasury's Office of Foreign Assets Control blocked Raymond Zina Rahme and Teddy Zina Rahme from accessing U.S.
Biden pushes econ policy as Trump indictment gets attention
April 4, 2023 GMTFRIDLEY, Minn. (AP) — President Joe Biden ventured to suburban Minneapolis on Monday to talk about factory jobs and contrast his agenda with “the last guy who had this job.” The “last guy,” as Biden calls Donald Trump, was simultaneously touching down in New York to become the first former president to be arrested.
Insider Q&A-Benn Steil of the Council on Foreign Relations
April 3, 2023 GMTWASHINGTON (AP) — Over the past year, the world economy has withstood the combined shocks of high interest rates and a war in Ukraine better than just about anyone expected.
The International Monetary Fund, among other agencies, has upgraded its economic forecast for 2022.
Intensity and insults rise as lawmakers debate debt ceiling
April 1, 2023 GMTWASHINGTON (AP) — Fights over increasing the nation’s borrowing authority have been contentious in Congress, yet follow a familiar pattern: Time and again, lawmakers found a way to step back from the brink before markets began to panic and the nation risked a dangerous default on its debt.
Many electric vehicles to lose big tax credit with new rules
March 31, 2023 GMTWASHINGTON (AP) — Fewer new electric vehicles will qualify for a full $7,500 federal tax credit later this year, and many will get only half that, under rules proposed Friday by the U.S.
US: Russia seeks arms-for-food deal with North Korea
March 30, 2023 GMTWASHINGTON (AP) — The White House on Thursday said it has new evidence that Russia is looking again to North Korea for weapons to fuel the war in Ukraine, this time in a deal that would provide Pyongyang with needed food and other commodities in return.
Group: Oil tanker tied to US-traded firm receiving Iran oil
March 29, 2023 GMTDUBAI, United Arab Emirates (AP) — An oil tanker owned by a major U.S.-traded transportation company appears to be taking on Iranian crude oil in a key Asian maritime strait in violation of American sanctions, an advocacy group alleges.
Debt ceiling impasse: McCarthy presses Biden to negotiate
March 28, 2023 GMTWASHINGTON (AP) — House Speaker Kevin McCarthy, R-Calif., said Tuesday he's increasingly concerned about President Joe Biden's unwillingness to negotiate on lifting the nation's borrowing authority, saying in a letter to the president that the White House position could "hold dire ramifications for the entire nation.”
Fed official: Bank rules under review in wake of SVB failure
March 28, 2023 GMTWASHINGTON (AP) — The Federal Reserve’s bank supervisors warned Silicon Valley Bank’s management as early as the fall of 2021 of risks stemming from its unusual business model, a top Fed official said Tuesday, but its managers failed to take the steps necessary to fix the problems.
US makes corporate transparency commitment with 20 nations
March 28, 2023 GMTWASHINGTON (AP) — Treasury Secretary Janet Yellen affirmed America’s commitment to enhancing corporate transparency along with more than 20 other countries participating in this week's Summit for Democracy.
US, Japan reach deal on vital minerals for EV batteries
March 28, 2023 GMTTOKYO (AP) — Japan and the United States have reached an agreement on trade in critical minerals for electric vehicle batteries, part of an effort to ensure secure supplies of strategically important resources.
Bank failures and rescue test Yellen’s decades of experience
March 25, 2023 GMTWASHINGTON (AP) — Working against the clock to stop a developing banking crisis, Treasury Secretary Janet Yellen had until sunset on Sunday, March 12, to come up with a plan to calm the U.S.
Why TikTok’s security risks keep raising fears
March 23, 2023 GMTThe battle between the U.S. and China over TikTok came into full view on Thursday when the social media platform's CEO testified before Congressional lawmakers.
Shou Zi Chew's hearing in front of the House Committee on Energy and Commerce is happening at what he's called a “pivotal moment” for the hugely popular short video sharing app.