U.S. Treasury Department
Democrats urge feds to update banking ‘red flags’ on legal marijuana businesses
The federal government unfairly penalizes state-legal marijuana businesses whose owners have been convicted of marijuana-related crimes, restricting them from loans and other banking tools, a group of U.S. Senate and House Democrats wrote to the Treasury Department asking for a change in policy. The group of 20 lawmakers, who mostly represent states where recreational marijuana […]
U.S. default could begin June 8 without agreement, top economist tells Congress
WASHINGTON — Unless Congress can strike a deal, the U.S. Treasury will likely default on the nation’s bills starting June 8, triggering major consequences for the economy, according to Mark Zandi of Moody’s Analytics. The risk assessment organization’s chief economist testified before the U.S. Senate Committee on the Budget Thursday and urged lawmakers to suspend […]
Biden, McCarthy hold ‘productive’ and ‘frank’ debt limit talks as fiscal cliffs loom
WASHINGTON — President Joe Biden and U.S. House Speaker Kevin McCarthy huddled behind closed doors at the White House on Wednesday in the first of what will likely be several conversations as the country approaches two fiscal cliffs this year amid divided government. The top issue at the moment is when and how to address […]
U.S. hits debt limit and Treasury Department begins ‘extraordinary measures’
WASHINGTON — The nation reached its debt limit Thursday, beginning the uncertain process known as extraordinary measures, in which the U.S. Treasury Department uses accounting maneuvers to avoid defaulting on the debt. The often-used practice is intended to give the Republican House, Democratic Senate and Biden administration time to negotiate a bipartisan agreement to raise […]