December 20, 2015 Treasury: US borrowing authority expires Oct. 17 Treasury Secretary Jacob Lew says the government will have exhausted its borrowing authority by Oct. 17, leaving the United States with just $30 billion cash on hand to pay its bills.
December 20, 2015 IRS continued to target Tea Party groups after granting them tax status, lawmaker says An investigation by the House Ways and Means Committee has uncovered evidence that IRS agents also subjected conservative groups to special scrutiny after they were granted tax-exempt status, said Rep. Charles Boustany, R-La., who chairs the panel's oversight subcommittee.
December 20, 2015 Obama administration starts preparing for shutdown The Obama administration is telling federal agencies to prepare for a possible government shutdown. The Office of Management and Budget sent a letter to agency heads this week ordering them to make contingency plans if Congress does not reach a deal to fund the government after Sept. 30.
December 20, 2015 Poverty stuck at 15 percent -- record 46.5 million The nation's poverty rate remained stuck at 15 percent last year despite America's slowly reviving economy, a discouraging lack of improvement for the record 46.5 million poor and an unwelcome benchmark for President Barack Obama's recovery plans.
December 20, 2015 New study warns of US long-term debt problems A new government study says that federal health care and retirement programs threaten to overwhelm the federal budget and harm the economy in coming decades unless Washington finds the political will to restrain their inexorable growth. The long-term pressures promise to quickly reverse recent improvements in the deficit.
December 20, 2015 Obama tears into Republicans on budget, debt ceiling amid Navy Yard attack President Obama planned to give an economic pep talk Monday to mark the five-year anniversary of the financial crisis. But as reports emerged of the deadly shooting nearby at the Washington Navy Yard, the president found himself juggling two sharply different topics -- addressing the tragic mass shooting, before launching into a blistering assault on congressional Republicans for their budgetary demands.Â
December 20, 2015 Summers withdraws from Fed Reserve consideration Lawrence Summers, who was considered the leading candidate to succeed Ben Bernanke as Federal Reserve chairman, has withdrawn from consideration, the White House said Sunday.
December 20, 2015 Emails show IRS official Lerner involved in Tea Party screening Embattled IRS official Lois Lerner appeared to be deeply involved in scrutinizing the applications of Tea Party groups for tax-exempt status, according to newly released emails that further challenge the claim the targeting was the work of rogue Ohio-based employees.Â
December 20, 2015 Obama economic adviser Sperling leaving, successor picked President Obama will replace Gene Sperling, his chief economic adviser and West Wing workaholic, with Jeffrey Zients, a top aide who has filled in as acting budget director and who led a White House effort to streamline government.Â
December 20, 2015 Republicans move to halt ObamaCare 'bailout' for angry unions Capitol Hill Republicans are trying to stop the Obama administration from offering labor unions a sweetheart deal on ObamaCare, as the White House tries to quell a simmering rebellion from Big Labor over the health care law.Â