Tag Archives: Treasury

Timothy Geithner: Treasury Hit Debt Ceiling Before New Year’s

The U.S. Treasury hit the debt ceiling Dec. 31, 2012 and is running out of avenues to avoid a default, Treasury Secretary Timothy Geithner has told Congress in a letter. According to The Hill newspaper, Geithner told Capitol Hill leaders the country could default by mid-February unless Congress raises the …

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Report: WH Approaches American Express Chief for Treasury Post

White House Chief of Staff Jack Lew is the favorite to succeed Timothy Geithner as treasury secretary for President Barack Obama’s second term, Bloomberg reports. However, Hans Nichols and Julianna Goldman report the White House has also reached out to American Express CEO Kenneth Chenault for that position. Citing two …

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Senate Defense Bill Would Ramp Up Pentagon Audit Efforts

Language in the Senate’s version of the defense authorization bill would put more pressure on the Pentagon to achieve a clean audit by 2017, GovExec reports. Charles Clark writes the bill would require the Pentagon to appoint a chief management officer responsible for fixing problems with financial management, business transformation …

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Treasury Enlisting Intl Partners for Tax Info Sharing Agreement

The Treasury Department is discussing a pact with dozens of other countries where signees would report and share tax information, Reuters reports. Patrick Temple-West writes the Treasury officially listed 47 countries as partners in negotiations, but that nearly 50 countries and territories are in negotiations to govern how local businesses …

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Treasury: US to Reach Debt Limit Before Year Ends

The U.S. Treasury is $235 billion short of the $16.4 trillion borrowing limit and could reach that ceiling before the year ends, Reuters reports. Using emergency measures would avert a default and keep the government running through early 2013, according to Rachelle Younglai’s story. The Treasury said the government has …

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Treasury Audit: 70 Agencies Owe $14M in Employment Taxes

The Treasury Inspector General for Tax Administration has identified 70 federal agencies that still owe the Treasury nearly $14 million in unpaid employment taxes. In an audit released Thursday, the TIGTA outlined its review of 132 agency accounts, finding that as of Dec. 31, 2011, those agencies were delinquent across …

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House Lawmaker Expects Quicker Federal Building Auction

Rep. Jason Chaffetz (R-Utah) expects a pilot program to speed up the sale of around 14,000 unused federal buildings, the Washington Post reports. The Office of Management and Budget and the General Services Administration will keep a rolling list of 15 federal properties to be auctioned off, the Post reported. …

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