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The Latest Breaking News from Treasury Department

Obscure law contains debt limit escape hatch for Social Security - Roll Call

It’s a time-worn argument for raising the debt limit: Without increased borrowing authority, Social Security checks would stop flowing.

Roll Call

What is the US national debt and how has it grown over time?

The national debt grew by more than $4 trillion in 2020 alone.

USAFacts

Treasury deputy: Russia sanctions are degrading its military

A top Treasury Department official says Russia’s mounting battlefield losses are a testament to the effectiveness of U.S. and allied sanctions on the Kremlin and its military machine

The Independent UK

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Sanctions waiver for Syria quake victims brings fears of abuse

WASHINGTON — Years-old sanctions on the Bashar Assad regime are receiving new scrutiny amid efforts to speed delivery of humanitarian aid to the tens of thousands of Syrians injured or displaced by this month’s devastating earthquake.

Tribune News Service

Sanctions waiver for Syria quake victims brings fears of abuse - Roll Call

Lawmakers and others are worried about easing sanctions on Syria after a devastating earthquake, fearing abuse of aid funding.

Roll Call

US sanctions Bulgarian officials, firms for corruption

The Treasury Department is imposing sanctions on five current and former Bulgarian officials, as well as five entities accused of illicit personal gain and undermining the country’s democratic institutions

The Independent UK

IRS Plans To Raid Workers' Tip Jars

A coming crackdown on $1.6 billion in unreported tips will continue the IRS' long and ugly history of targeting low-income Americans.

Reason

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US Sanctions Nine Entities of ‘Critical Role’ in Iranian Petrochemicals, Petroleum Trade

The United States on Thursday imposed sanctions on nine Iranian entities it accused of playing a critical role in the production of petrochemicals and petroleum. Secretary of State Antony Blinken said in a statement that the latest sanctions were part of “continued efforts to enforce US sanctions on Iran’s petroleum…

Asharq Al-Awsat

State of the Union 2023: Data and context behind Biden’s address

Biden highlighted legislative achievements from his past two years and described his economic, health, climate, and safety priorities moving forward. Here are the facts and data.

USAFacts

Tesla hikes price of Model Y after US alters tax credit rule

Tesla has raised prices on its Model Y in the U.S., apparently due to rising demand and changes in U.S. government rules that make more versions of the small SUV eligible for tax credits

The Independent UK

What counts as an SUV? Treasury shifts definition for EV tax credits after carmaker complaints

WASHINGTON — The U.S. Treasury is changing how it defines a sport utility vehicle Friday after car companies lodged complaints that some vehicles were wrongfully being boxed out of new electric vehicle tax credits.

Tribune News Service

Treasury makes more electric SUVs eligible for tax credits

The Treasury Department said Friday it is making more electric vehicles — including SUVs made by Tesla, Ford and General Motors — eligible for tax credits of up to $7,500 under new vehicle classification definitions

The Independent UK

U.S. sanctions board of directors of Iranian drone maker

The United States on Friday imposed sanctions on the board of directors of Iranian drone maker Paravar Pars, the U.S. Treasury Department said, adding Iranian drones were being used by Russia to attack Ukraine's critical infrastructure.

Reuters

Biden Promotes a Hummer That Doesn't Even Qualify for His Electric Vehicle Tax Credits

Biden sat in a truck that costs as much as $120,000 to promote a tax credit that only applies to electric vehicles retailing for up to $80,000.

Reason

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Roll Call

McCarthy, Biden to meet in hopes of avoiding debt limit debacle - Roll Call

Speaker Kevin McCarthy and President Joe Biden could actually have a chance to avoid a fiscal crisis this summer.

The Independent UK

Treasury to increase borrowing amid debt ceiling standoff

The Treasury Department has announced plans to increase its borrowing during the first three months of 2023

The Independent UK

Trump used Freedom of Information Act request to slow IRS release of his taxes

Mr Trump had the authority to ask for the records during his presidency but instead used the Freedom of Information Act

Tribune News Service

A federal EV program can save you thousands. How does it work and how do you apply?

Electric vehicles are typically seen as expensive cars to own. But an updated, federal tax program designed to make them more affordable could credit you up to $7,500 for purchasing a new clean vehicle.

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Asharq Al-Awsat

US Sanctions Paraguay VP, Former President for Links to Hezbollah

The United States issued sanctions against Paraguay’s former President Horacio Cartes Jara and current Vice President Hugo Velázquez Moreno on Thursday, unveiling explosive accusations that they participated in widespread schemes of corruption and have ties to members of a terrorist organization. Cartes and Velázquez have been involved “in systemic corruption…

Tribune News Service

US Treasury denies Republicans’ request for Hunter Biden records

WASHINGTON — The U.S. Treasury Department refused Wednesday to provide House Republicans any suspicious activity reports it may have on foreign banking and other business transactions by Hunter Biden and other members of President Joe Biden’s family.

The Independent UK

Manchin bill would delay tax credits for electric vehicles

Democratic Sen. Joe Manchin is moving to delay new tax credits for electric vehicles, a key feature of President Joe Biden’s landmark climate law

InsideEVs

Senator Manchin Bill Aims To Enforce $7,500 EV Tax Credit Battery Rules

Manchin was integral in getting the revamped US EV tax credit passed, and he's not happy it's being taken advantage of amid the Treasury Department's delays.

Asharq Al-Awsat

US Sanctions Lebanon Money Exchanger for Alleged Ties to Hezbollah

The US Treasury said on Tuesday it was placing sanctions on Lebanese money exchanger Hassan Moukalled and his business for alleged financial ties to blacklisted group Hezbollah. Its announcement said Moukalled was a financial adviser to Iranian-backed Hezbollah, which is also designated by the United States, and carried out financial…

Fortune

The Trillion Dollar Coin is really a thing. What you need to know about the off-the-wall solution to America's debt crisis.

As the U.S. rushes towards default, some say the Federal Reserve can use a trillion dollar (platinum or digital) coin to avert financial catastrophe. Could this work?

Al Jazeera

US joins Europe with fresh sanctions over Iran protest crackdown

US measures, taken in coordination with the EU and UK, target Iranian officials accused of suppressing demonstrations.

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