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.
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.
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.
Beginning in 2014, most people, including students, will have to have health insurance, whether or not they are claimed as a dependent on their parents' tax returns.
The federal health law says if they don't, they or their parents will face penalties.
While expansion of coverage under the health law has helped about 3 million young people get insurance through their parents' plans, many remain uninsured or have coverage through student health plans.