Tag: United States Secretary of the Treasury

“Obama IRS Scandal: Acting Director Of Tax Agency Resigns”

by goodolewoody, posted in Barack Obama, DEMOCRATS, Eric Cantor, John Boehner, Politics, PostAday, SCANDAL, TEA PARTY

THE HUFFINGTON POST

By Sam Stein

 

WASHINGTON — President Barack Obama announced on Wednesday that Steven Miller, the acting director of the Internal Revenue Service, had resigned amid criticism over the tax agency’s handling of conservative groups seeking tax-exempt status.

Speaking from the White House’s East Room, the president said that he had instructed Treasury Secretary Jack Lew to hold the IRS accountable for its missteps, revealed in a Treasury Department inspector general’s report released on Tuesday. Among the steps Lew took was to request and accept “the resignation of the acting commissioner of the IRS.”

“It is important to institute new leadership that can help restore confidence going forward,” said Obama.

The president also said that he had instructed Lew to implement the recommendations of the inspector general’s report which looked into why groups with words like “tea party” in their name had been forced to endure more scrutiny when applying for 501(c)(4) status. Obama added that he would “work with Congress as it performs its oversight role” in investigating the IRS.

FULL  ARTICLE

Seal of the United States Internal Revenue Ser...
Seal of the United States Internal Revenue Service. The design is the same as the Treasury seal with an IRS inscription. (Photo credit: Wikipedia)
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BREAKING NEWS…

by goodolewoody, posted in Barack Obama, BUSINESS, Congress, DEMOCRATS, HOMELAND SECURITY, Politics, Taxes, US Finance

National News Alert

Bloomberg: Obama expected to nominate Jack Lew for Treasury Secretary

According to Bloomberg, President Barack Obama plans to name White House Chief of Staff Jack Lew tomorrow as his choice for Treasury secretary, replacing Timothy F. Geithner, a person familiar with the process said.

Lew, 57, who also has served as director of the Office of Management and Budget, has been offered the Treasury post by Obama, according to the person, who asked for anonymity to discuss personnel matters.

Read more at:
http://www.washingtonpost.com/business/obama-said-to-name-jack-lew-to-replace-geithner-at-treasury/2013/01/09/3256b2c4-5a71-11e2-b8b2-0d18a64c8dfa_story.html

National News Alert!

by goodolewoody, posted in Barack Obama, BUSINESS, China, Congress, DEMOCRATS, FINANCIAL SYSTEM, FOREIGN POLICY, Politics, REPUBLICANS

U.S. will hit debt limit on Dec. 31, Treasury says

The U.S. government will exhaust its borrowing authority on Dec. 31 and hit the $16.4 trillion federal debt limit, the Treasury Department said Wednesday, beginning a countdown until Congress either passes legislation to allow for more borrowing or the government defaults on its debt.

Treasury Secretary Timothy F. Geithner said in a letter to senior lawmakers that the Treasury would begin to undertake “extraordinary measures” in order to forestall default. Geithner said the measures could create about $200 billion in additional funding available to the government – giving Congress two months before it must raise the debt
limit.

Read more at:
http://www.washingtonpost.com/politics/us-will-hit-debt-limit-on-dec-31-treasury-department-says/2012/12/26/0e8e3738-4fa2-11e2-839d-d54cc6e49b63_story.html

NEWS: FISCAL CLIFF

by goodolewoody, posted in Barack Obama, Congress, DEMOCRATS, John Boehner, MIDDLE-CLASS, Politics, REPUBLICANS, Taxes

THE HILL

News from The Hill:

Boehner, House GOP reject debt deal offer from White House 
By Russell Berman, Mike Lillis and Erik Wasson

Speaker John Boehner (R-Ohio) on Thursday rejected a White House offer to avert the fiscal cliff that would include $1.6 trillion in tax increases, $400 billion in spending cuts and a permanent increase in the debt ceiling, Republican aides said.

Aides said the offer was made by Treasury Secretary Tim Geithner and Rob Nabors, a top White House adviser, during their meeting with Republican leaders in the Capitol.

While the Obama administration described the offer as reducing the deficit by $4 trillion over 10 years, Republican told The Hill its tax increases amount to $600 billion more than what the Democratic-led Senate passed earlier this year when it approved legislation that would allow tax rates on top earners to rise.

Read the story here.