A case against the Swiss bank UBS in 2008 led Congress to create more regulations for foreign banks holding American money. Rather than comply, many banks opted to stop serving American account-holders.
Treasury Secretary Jacob Lew leaves the Capitol after a visit on Thursday.
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The Treasury Department is issuing a warning of dire economic consequences that could rival the Great Recession if Congress is unable to agree on raising the debt ceiling and the nation defaults on its obligations.
Originally published on Thu August 29, 2013 1:16 pm
The U.S. Department of the Treasury and the Internal Revenue Service announced on Thursday that when it comes to federal tax purposes, same-sex couples who have legally married will be treated the same as straight married couples, no matter what state they reside in now.
Secretary of the Treasury Jack Lew speaks during a news conference at the U.S. Department of the Treasury earlier this month.
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Treasury Secretary Jack Lew says the debt ceiling needs to be raised, but without another economically damaging partisan fight.
In a series of interviews on the Sunday morning political talk shows, Lew said Congress needs to lift the "cloud of uncertainty" over the nation's finances and raise the limit before it fully expires on Sept. 30.
"The fight over the debt limit in 2011 hurt the economy, even though, in the end, we saw an extension of the debt limit," the secretary said on NBC's Meet The Press.
President Obama talked up the Affordable Care Act in San Jose, Calif., in June. Now, the administration has said a key provision affecting businesses won't take effect until 2015.
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The Obama administration's decision late Tuesday to postpone the requirement for employers with 50 or more workers to offer health coverage or risk fines has satisfied some key members of the coalition that supported the law.
But the one-year reprieve also raises new questions about the administration's ability to get the huge health law up and running in an orderly fashion. The deadline for the new health exchanges to begin enrolling individuals is Oct. 1.