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Senate Blocks Tax Hikes

Fix shields millions from alternative minimum tax

New York Times Dec 7, 07 2:50 AM CST

(Newser) - The Senate has voted overwhelmingly to shield 23 million Americans from tax increases imposed by the alternative minimum tax—without replacing $50 billion in lost revenue. The vote to extend protection from the tax represents a retreat for Democrats who had pledged to meet the shortfall with spending cuts or by closing some tax breaks, reports the New York Times. More »

More about: Harry Reid • Treasury Department • income tax • Alternative Minimum Tax • Max Baucus • Steny H. Hoyer

Bush to Offer Mortgage Freeze

Plan would help homeowners facing rate increases

Reuters Dec 5, 07 1:07 PM CST

(Newser) - President Bush will detail tomorrow the Treasury Department's plan to hold interest rates steady for subprime borrowers at risk of defaulting on their mortgages when rates rise, Reuters reports. The plan, negotiated with mortgages lenders and investors, would freeze for five years adjustable loans due to jump to higher rates between Jan. 1, 2008, and summer 2010. More »

More about: George W. Bush • subprime mortgages • Henry Paulson • Treasury Department • borrowers

Mortgage-Rate Freeze Draws Backlash

Plan to give borrowers
a break called 'morally repugnant'

Wall Street Journal Dec 1, 07 11:51 AM CST

(Newser) - Not everyone is applauding Treasury Secretary Hank Paulson's plan to freeze adjustable mortgage rates on distressed home loans to help contain the spreading subprime crisis. Some analysts think the plan will only postpone foreclosures, rather than preventing them. And now that loans are bundled and sold to investors, some of those investors resent what they see as government interference with their property, the Wall Street Journal reports. More »

More about: subprime mortgages • Henry Paulson • Treasury Department • borrowers • home loans

Plan to Freeze Subprime Loans

Treasury and lenders close to deal

Wall Street Journal Nov 30, 07 3:12 AM CST

(Newser) - The Treasury Department and a coalition of lenders are close to a deal to freeze interest rates on some subprime loans in a bid to bring the mushrooming mortgage crisis under control, reports the Wall Street Journal . A freeze would ease the burden on beleaguered borrowers and banks. Rates on some 2 million adjustable rate mortgages are scheduled to jump in the next two years. More »

More about: subprime mortgages • Henry Paulson • Treasury Department • borrowers • Housing and Urban Development • Hope Now Alliance

WH Pares
2008 Economic Forecast, Hikes Jobless Rate

Housing decline 'more significant' than thought

Associated Press Nov 29, 07 12:30 PM CST

(Newser) - The White House cut back its expectations for 2008 economic growth today and said unemployment rates are likely to worsen, citing the housing slump. GDP will grow only by 2.7% next year, down from an earlier 3.1%, said officials from Treasury and the Council of Economic Advisers; and the jobless rate is expected to hit 4.9%, worse than the previous forecast of 4.7%. More »

More about: Henry Paulson • housing market • inflation • unemployment • Treasury Department • GDP • Council of Economic Advisers

Big Banks Settle on Superfund Terms

Paulson says fund will help, but analysts bearish on its prospects

New York Times Nov 11, 07 12:49 PM CST

(Newser) - The country’s top three banks have finalized agreements for the $75 billion superfund they hope will cushion further blows to the credit market, reports the NY Times. After nearly two months of haggling, Bank of America, Citigroup, and JPMorgan Chase agreed to simpler conditions than outlined in the fund’s proposals, but some analysts still insist the fund won’t succeed. More »

More about: Henry Paulson • Citigroup • Bank of America • JPMorgan Chase • Treasury Department • mortgage backed securities • credit card loans • auto loans • structured investment vehicles • superfund

Paulson: Economy in Danger

Wall Street Journal Oct 16, 07 12:40 PM CDT

(Newser) - The ongoing housing implosion poses “a significant risk” to the economy, Treasury Secretary Henry Paulson said in a speech at Georgetown University today, in a sobering about-face from earlier attempts to downplay the crisis. “The ongoing housing correction is not ending as quickly as it appeared,” he said. “It will continue to adversely impact our economy, our capital markets, and many homeowners for some time.” More »

More about: US economy • subprime mortgages • Henry Paulson • housing crisis • Treasury Department • housing

Social Security Fund Faces $13.6 Trillion Shortfall

Only taxes or slashed benefits can save program

MarketWatch Sep 25, 07 4:27 AM CDT

(Newser) - Slashing benefits or hiking taxes—or both—is the only way to make the Social Security system solvent, reports a Treasury Department briefing paper. Treasury Secretary Henry Paulson warned that faster economic growth alone won't solve the money problems of Social Security, which faces a $13.6 trillion shortfall in the "indefinite future," Bloomberg reports. More »

More about: Bush administration • Henry Paulson • Treasury Department • Social Security • congressional Democrats • Social Security trustees • fiscal imbalance

The C-Note Gets a Facelift

New security thread aims to protect bill most targeted by foreign counterfeiters

Washington Post Aug 26, 07 3:51 PM CDT

(Newser) - Even Ben Franklin has a little work done every now and then. The $100 bill, which bears the founding father's image, is undergoing a state-of-the-art redesign aimed at thwarting counterfeiters who target the C-note more than any other denomination, the AP reports. The new security thread utilizes microprinting and 650,000 tiny lenses per bill that magnify the image. More »

More about: money • Treasury Department • counterfeit • US Mint • US currency • watermark

Bush Ready to 'Push Hard' for Biz Tax Breaks

But he knows it's
a tough sell

Washington Post Aug 9, 07 7:04 AM CDT

(Newser) - President Bush is considering a new package of corporate tax breaks in a bid to perk up Wall Street, calm volatile markets and send a message the economy is sound, the Washington Post reports. At the same time he rejected Democratic proposals to allow Fannie Mae and Freddie Mac more leeway to buy mortgages to bolster the shaky housing market. More »

More about: George W. Bush • Henry Paulson • business • Fannie Mae • Freddie Mac • taxes • Treasury Department • Federal Housing Administration • corporate tax

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