u.s. treasury department

Yellen warns of economic 'calamity' if Congress doesn't raise debt limit

By Zeke Miller, Associated Press

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.

WATCH: Yellen testifies on budget in Senate hearing amid questions about banking system

By Stan Choe, Associated Press

Stocks fell sharply after the Federal Reserve said it doesn’t expect to cut rates anytime soon despite Wall Street’s hopes.

Federal government moves urgently to avert potential banking crisis

By Ken Sweet, Christopher Rugaber, Chris Megerian, Cathy Bussewitz, Associated Press

The U.S. government took extraordinary steps Sunday to stop a potential banking crisis after the historic failure of Silicon Valley Bank, assuring depositors at the failed financial institution that they would be able to access all of their money quickly.

Analysis: What is the debt ceiling?

By Steven Pressman, The Conversation

Treasury Secretary Yellen announced the U.S. will hit its $31 trillion debt ceiling on Jan. 19. Economists and markets are worried Congress won’t act in time, which could trigger a financial crisis.

U.S. to end Russia's ability to pay off international debt

By Ken Sweet, Fatima Hussein, Associated Press

The U.S. will close the last avenue for Russia to pay back its billions in debt to international investors on Wednesday, making a Russian default on its debts for the first time since the Bolshevik Revolution all but inevitable.

WATCH: Federal Reserve chair Powell gives update on federal interest rate policy

By Christopher Rugaber, Associated Press

The Federal Reserve launched a high-risk effort Wednesday to tame the worst inflation since the 1970s, raising its benchmark short-term interest rate and signaling potentially up to seven rate hikes this year.

Biden signs order for government oversight of cryptocurrency

By Fatima Hussein, Associated Press

The executive order had been widely anticipated by the finance industry and others who have compared the cryptocurrency market with the Wild West.

Treasury: Most COVID rental aid went to low-income residents

By Michael Casey, Fatima Hussein, Associated Press

The U.S. Treasury Department has concluded that more than 80% of the billions of dollars in federal rental assistance during the pandemic went to low-income tenants.

U.S. Treasury Department creates pathway to send aid to Afghanistan

By Josh Boak, Associated Press

The licenses will enable the U.S. government, international organizations such as the United Nations and nongovernmental organizations to operate in the country and offer humanitarian assistance despite sanctions.

States, cities running out of rental assistance funds

By Michael Casey, Associated Press

The Treasury Department says several states and cities have exhausted their federal rental assistance in a sign that spending on a program aimed at averting evictions has picked up speed.