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Middle East, Africa
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US default could be 'catastrophic': Treasury
The US Treasury warned Thursday of a disastrous outcome if Congress's refusal to raise the country's borrowing ceiling forces it to default on obligations.
US bailout 5 years ago avoided catastrophe: Treasury
The US Treasury said Wednesday the government's massive response to the economic crisis five years ago paid off, avoiding a catastrophic breakdown of the financial system.
US to hit debt ceiling in mid-October: Treasury
The US will hit its statutory debt ceiling in mid-October, raising the chance that the government will be forced to default on its debts.
US Treasury implements measure to avoid new debt
The US Treasury Friday stopped re-investing in a retirement fund, a major step in its efforts to avoid exceeding the debt ceiling.
US Treasury chief not worried about market bubble
US Treasury Secretary Jacob Lew said Thursday that he was not worried about a potential financial bubble forming as Wall Street stocks racked up record highs.
Republicans reject 'ridiculous' Obama fiscal cliff proposal
Republicans rejected as "ridiculous" Thursday a White House plan to raise $1.6 trillion in new taxes over the next decade, as crunch talks on the US deficit took a turn for the worse.
US not ready for Basel III bank rules: Treasury
The US Treasury announced Friday that it would not implement the Basel III rules for strengthening banks on January 1, saying the banks were not yet ready to meet the tougher capital standards.
World economy needs action from China, EU: Geithner
US Treasury Secretary Timothy Geithner said Saturday the global economy was on the mend, but more needed to be done to stoke domestic demand in China and fix Europe's fiscal woes.
US Treasury to sell $18 bn of AIG stock
The US Treasury Department announced Sunday that it has launched a public offering of $18 billion of its common stock in AIG, the giant insurer bailed out by the US government.
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