United States Department of the Treasury

17trillion

U.S. Debt Busts Through $17 Trillion Dollars

The $328 billion increase shattered the previous high of $238 billion set two years ago. The giant jump comes because the government was replenishing its stock of “extraordinary measures” — the federal funds it borrowed from over the last five months as it tried to avoid bumping into the debt ceiling. Under the law, that replenishing happens as soon as there is new debt space. In this case, the Treasury […]

Report: Obama Admin Approved Excessive Pay for Bailed-out Execs of GM, AIG others

Report: Obama Admin Approved Excessive Pay for Bailed-out Execs of GM, AIG others

An internal government watchdog today accused the U.S. Treasury Department of approving “excessive” pay packages for bailed-out companies, including General Motors and Detroit-based Ally Financial. The Office of the Inspector General for the Troubled Asset Relief Program (TARP) released a report slamming Treasury officials for signing off on 18 pay raises and other 2012 compensation packages for executives at GM, Ally and AIG. The report also reveals that GM CEO […]

AIG Drops Government Lawsuit Over 2008 Bailout

AIG Drops Government Lawsuit Over 2008 Bailout

AIG Drops Government Lawsuit Over 2008 Bailout by Evelyn Robinson We all remember the economic downtown that occurred during 2008. At the height of this time was the financial crisis, during which stock markets around the globe took a tumble for the worst while the Federal Government bailed out many of the largest financial institutions with the biggest amounts of business liability . One institution, the insurance corporation AIG’s Potential […]

Real Reason Obama is Rushing Home? U.S. to Hit Debt Limit Monday

Real Reason Obama is Rushing Home? U.S. to Hit Debt Limit Monday

The U.S. Treasury on Wednesday announced the first in a possible series of emergency steps to push back the day when the government will exceed its legal borrowing authority as imposed by the U.S. Congress. The Treasury said on Dec. 28 it would suspend issuance of State and Local Government Series securities, known as “slugs”, which are special low-interest Treasury securities offered to state and local governments to temporarily invest […]

Pundit: Then-and-Now Numbers Reveal Obama’s Weaknesses

Pundit: Then-and-Now Numbers Reveal Obama’s Weaknesses

As President Barack Obama nears the end of his first term, many are wondering what has changed since he took office. Others wonder, “What is he thinking?”   Within his first 100 days in the White House, Obama made his most expensive legislative move: the $787 billion American Recovery and Reinvestment Act of 2009 – the stimulus package. The stimulus money was meant to turn the tide of the recession […]

Obama’s DOE Rushed Treasury to fund Solyndra

Obama’s DOE Rushed Treasury to fund Solyndra

Energy Secretary Steven Chu may want the country to stop discussing the Solyndra scandal, but information continues to come to light that confirms the worst suspicions of the critics of DOE’s $535 million loan guarantee.According to a new batch of administration emails released this week, DOE pushed Treasury Department officials to expedite their review of the Solyndra loan so that Energy could put out a press release on schedule – just a […]

Hello Congress, I need  another 1.2 Trillion

Hello Congress, I need another 1.2 Trillion

(Reuters) – The White House plans to ask Congress by the end of the week for an increase in the government’s debt ceiling to allow the United States to pay its bills on time, according to a senior Treasury Department official on Tuesday. The approval is expected to go through without a challenge, given that Congress is in recess until later in January and the request is in line with […]

$15,000,000,000,000 – Fifteen Trillion – 15 Trillion

$15,000,000,000,000 – Fifteen Trillion – 15 Trillion

How Big is a Trillion? NASA explains In the U.S., one trillion is written as the number “1” followed by 12 zeros (1,000,000,000,000). One year of clock time = (60sec/min) x (60 min/hr) x (24 hr/da) x (365.25 da) = 3.16 x 107 sec One trillion seconds of ordinary clock time = ( 1012 sec)/( 3.16 x 107 sec/yr) = 31,546 years! Six trillion seconds equals 189,276 years. Now, as […]

Obama Has Increased Debt More than All Presidents from Washington Through Bush 41 Combined

Obama Has Increased Debt More than All Presidents from Washington Through Bush 41 Combined

The Obama administration passed another fiscal milestone this week, according to new data released by the Treasury Department. As of the close of business on Oct. 3, the total national debt was $14,837,099,271,196.71—up about $44.8 billion from Sept. 30. That means that in the less-than-three-years Obama has been in office, the federal debt has increased by $4.212 trillion–more than the total national debt of about $4.1672 trillion accumulated by all 41 U.S. […]

Timothy Geithner staying on as Treasury secretary

Timothy Geithner staying on as Treasury secretary

Treasury Secretary Timothy F. Geithner will not be stepping down, a Treasury Department official said Sunday, ending speculation that the key Obama administration advisor was preparing to resign. “Secretary Geithner has let the president know that he plans to stay on in his position at Treasury. He looks forward to the important work ahead on the challenges facing our great country,” said Jenni LeCompte, assistant secretary for public affairs. Updated […]