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Keyword: treasury

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  • Geithner to stay on as Treasury chief

    08/07/2011 12:08:36 PM PDT · by truthandlife · 84 replies
    Reuters ^ | 8/7/11
    Treasury Secretary Timothy Geithner has told President Barack Obama that he intends to stay on the job, Treasury said in a statement on Sunday afternoon. "Secretary Geithner has let the president know that he plans to stay on in his position at Treasury," Assistant Treasury Secretary Jenni LeCompte said. "He looks forward to the important work ahead on the challenges facing our great country." Geithner had indicated he might leave after a debt-limit increase was approved, but administration officials indicated that both Obama and the White House chief of staff had urged Geithner not to leave now.
  • The Official Calls For Change Roll In: "Fire Tim Geithner"

    08/06/2011 5:47:28 PM PDT · by SeekAndFind · 23 replies
    Zero Hedge ^ | 08/06/2011 | Tyler Durden
    The first official demand for a change at the top as a result of the S&P downgrade has come in, courtesy of Indiana State Treasurer Richard Mourdock, who has just demanded the head of the most incompetent and tax evading Treasury Secretary in US history, on a silver platter. "President Obama should fire U.S. Secretary of the Treasury Tim Geithner over the debt downgrade. If Obama won't remove him, then the US Senate should withdraw its consent of Geithner's appointment to U.S. Treasury because someone in the White House needs to be held responsible for this disaster." Zero Hedge fully...
  • America's debt downgrade is a damning indictment of President Obama's Big Government disaster

    08/06/2011 2:16:45 PM PDT · by Clairity · 94 replies · 1+ views
    The Telegraph ^ | Aug 6, 2011 | Nile Gardiner
    The decision by credit agency Standard and Poor’s to downgrade America’s AAA credit rating for the first time in 70 years is a massive blow to the credibility of the Obama administration, and a damning indictment of its handling of the economy. No doubt the White House will pathetically try to blame the Bush Administration, Republicans in Congress, and of course its favourite target, the Tea Party, for the move by S&P. But without a shadow of a doubt, responsibility for the country’s financial mess and staggering levels of debt lie with the current US president and his administration. They...
  • After S&P downgrade, WH says 'we must do better'

    08/06/2011 2:42:35 PM PDT · by Justaham · 29 replies
    Associated Press ^ | Mark S. Smith
    WASHINGTON (AP) - President Barack Obama sought to distance himself Saturday from the bad news of the nation's first-ever credit-rating downgrade, but lawmakers and presidential candidates showed no such reticencetrading salvos over who's at fault and why. The president, spending the weekend at Camp David, left it to press secretary Jay Carney to say it's clear Washington "must do better" in tackling soaring deficits and other economic woes. A statement from Carney said talks that produced Tuesday's $2 trillion compromise on raising the U.S. borrowing limit had been too drawn-out and "divisive." But the statement didn't directly address Friday's move...
  • U.S. AAA credit rating DOWNGRADED for first time in history after Obama's debt deal

    08/06/2011 7:57:29 AM PDT · by KeyLargo · 68 replies · 1+ views
    Daily Mail UK ^ | Aug 6, 2011
    U.S. AAA credit rating DOWNGRADED for first time in history after Obama's debt deal Unprecedented move will send shockwaves globally S&P cuts long-term credit rating from AAA to AA+ Borrowing costs for consumers and government to rise Comes after Obama signed bill to reduce fiscal deficit By Daily Mail Reporter Last updated at 1:08 PM on 6th August 2011 The U.S. has lost its top-notch AAA credit rating from Standard & Poor's in an unprecedented reversal of fortune for the world's largest economy. S&P cut the long-term U.S. credit rating by one notch to AA+ on concerns about the government's...
  • Obama officials attack S&P's credibility after downgrade

    08/05/2011 10:45:42 PM PDT · by tobyhill · 84 replies
    reuters ^ | 8/5/2011 | Glenn Somerville and Rachelle Younglai
    The Obama administration attacked the credibility of the analysis underlying Standard & Poor's decision to downgrade the United States' top credit rating on Friday, saying it had found a $2 trillion error. S&P was forced to remove the number from its analysis after Treasury officials discovered that the rating agency's estimates of the government's discretionary spending was $2 trillion too high, sources familiar with the discussions said.
  • Obama administration official calls S&P analysis 'way off' [ Wh says its S&P not TP's fault ]

    08/05/2011 11:00:44 PM PDT · by NoLibZone · 46 replies
    CNN ^ | Aug 5 2011
    The Obama administration angrily responded to Standard & Poor's decision Friday to downgrade the U.S. credit rating, with one senior official saying the agency's "analysis was way off." U.S. Treasury officials received S&P's analysis Friday afternoon and alerted the agency to an error that inflated U.S. deficits by $2 trillion, said the administration official, who was not authorized to speak for attribution. The agency acknowledged the mistake, but said it was sticking with its decision to lower the U.S. rating from a top score of AAA to AA+. "This is a facts-be-damned decision," the official said. "Their analysis was way...
  • S&P statement on lowering US long-term debt to AA+

    08/05/2011 9:28:50 PM PDT · by freespirited · 33 replies
    Guardian ^ | 08/06/11 | Standard & Poor's
    We have lowered our long-term sovereign credit rating on the United States of America to 'AA+' from 'AAA' and affirmed the 'A-1+' short-term rating. We have also removed both the short- and long-term ratings from CreditWatch negative. The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics. More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time...
  • CBS: Dems, GOP react to debt downgrade [ copy it fast! ]

    08/05/2011 10:19:22 PM PDT · by NoLibZone · 22 replies
    cbsnews.com ^ | Aug 5 2011
    (CBS/AP) Following the news Friday of Standard and Poor's downgrade on the U.S. debt, several politicians from both sides of the aisle offered their reactions. Democratic Senate Majority Leader Harry Reid released a statement: "This makes the work of the joint committee all the more important, and shows why leaders should appoint members who will approach the committee's work with an open mind -- instead of hardliners who have already ruled out the balanced approach that the markets and rating agencies like S&P are demanding." Reid was referring to the special bipartisan congressional committee -- made up of six Democrats...
  • U.S. loses AAA credit rating from S&P [copy 2]

    08/05/2011 5:51:56 PM PDT · by NormsRevenge · 70 replies
    Yahoo ^ | 8/5/11 | Walter Brandimarte - Reuters
    NEW YORK (Reuters) - The United States lost its top-notch AAA credit rating from Standard & Poor's on Friday, in a dramatic reversal of fortune for the world's largest economy. S&P cut the long-term U.S. credit rating by one notch to AA-plus on concerns about growing budget deficits. U.S. Treasuries, once undisputedly seen as the safest investment in the world, are now rated lower than bonds issued by countries such as the UK, Germany, France or Canada.
  • S&P Downgrades U.S. Debt Rating Press Release (Boehner-McConnell FAILURE)

    08/05/2011 5:58:18 PM PDT · by jimbo123 · 55 replies
    Wall Street Journal ^ | 8/5/11 | S&P
    Standard & Poors took the unprecedented step of downgrading the U.S. governments AAA sovereign credit rating Friday in a move that could send shock waves through global. The following is a press release from Standard & Poors: We have lowered our long-term sovereign credit rating on the United States of America to AA+ from AAA and affirmed the A-1+ short-term rating. We have also removed both the short- and long-term ratings from CreditWatch negative. The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in...
  • United States loses AAA credit rating from S&P

    08/05/2011 6:16:35 PM PDT · by Iam1ru1-2 · 29 replies · 1+ views
    BuenosAiresHerald.com ^ | August 5, 2011 | BuenosAiresHerald.com
    The United States lost its top-notch AAA credit rating from Standard & Poor's on Friday in an unprecedented reversal of fortune for the world's largest economy. S&P cut the long-term US credit rating by one notch to AA-plus on concerns about the government's budget deficits and rising debt burden. The move is likely to raise borrowing costs eventually for the US government, companies and consumers. "The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics,"...
  • Agencies Issue Guidance on Federal Debt

    08/05/2011 8:56:11 PM PDT · by PAR35 · 7 replies
    FDIC ^ | August 5, 2011 | --
    Earlier today, Standard & Poors rating agency lowered the long-term rating of the U.S. government and federal agencies from AAA to AA+. With regard to this action, the federal banking agencies are providing the following guidance to banks, savings associations, credit unions, and bank and savings and loan holding companies (collectively, banking organizations). For risk-based capital purposes, the risk weights for Treasury securities and other securities issued or guaranteed by the U.S. government, government agencies, and government-sponsored entities will not change. The treatment of Treasury securities and other securities issued or guaranteed by the U.S. government, government agencies, and government-sponsored...
  • $2 trillion error in S&P calculations: US (treasury challenging)

    08/05/2011 8:37:42 PM PDT · by STARWISE · 66 replies
    The US Treasury has hit back against a Standard and Poor's downgrade of its AAA credit rating, saying there was a $2 trillion dollar error in the agency's calculations. "A judgment flawed by a 2 trillion dollar error speaks for itself," a Treasury spokesman said, just after the US lost its AAA rating for the first time ever and was downgraded to a AA+. *snip* Moody's and a third ratings agency, Fitch, say they continue to study the deficit plan to see if the US merits being kept in their ranks of AAA countries. Earlier, an official close to the...
  • U.S. loses AAA credit rating from S&P

    08/05/2011 5:51:21 PM PDT · by GQuagmire · 409 replies
    Yahoo.com via Reuters ^ | 8/5/11 | Walter Brandimarte
    NEW YORK (Reuters) - The United States lost its top-notch AAA credit rating from Standard & Poor's on Friday, in a dramatic reversal of fortune for the world's largest economy. S&P cut the long-term U.S. credit rating by one notch to AA-plus on concerns about growing budget deficits. U.S. Treasuries, once undisputedly seen as the safest investment in the world, are now rated lower than bonds issued by countries such as the UK, Germany, France or Canada
  • Govt officials: US expecting S&P downgrade -- based on "serious mistake" in analysis*

    08/05/2011 5:04:57 PM PDT · by mandaladon · 77 replies
    ABC News ^ | 5 Aug 2011
    Two government officials tell ABC News that the federal government is expecting and preparing for bond rating agency Standard & Poors to downgrade the rating of US debt from its current AAA value. Official reasons given, one official says, will be the political confusion surrounding the process of raising the debt ceiling, and lack of confidence that the political system will be able to agree to more deficit reduction. A source says Republicans saying that they refuse to accept any tax increases as part of a larger deal will be part of the reason cited. The official was unsure if...
  • Two-year Treasury yield drops to a record low

    08/04/2011 6:03:53 PM PDT · by Nachum · 24 replies
    ap ^ | 8/4/11 | STAN CHOE AP Business Writer
    NEW YORK (AP) -- Prices for Treasury securities jumped Thursday, sending the yield on the two-year note to a record low, as investors rushed to U.S. government debt in search of safety. Stocks tumbled around the world on worries that the U.S. economy is weakening and that Europe's debt problems are getting worse. The Dow Jones industrial average fell 513 points, its biggest drop since December 2008. The yield on the two-year Treasury note fell to 0.26 percent, a record low. Late Wednesday it was 0.34 percent. Bond yields fall when demand for them increases. That means traders are willing...
  • Pressured by White House, Treasury Secretary Is Expected to Stay at Post

    08/03/2011 7:46:08 PM PDT · by maggief · 15 replies
    New York Times ^ | August 3, 2011 | JACKIE CALMES
    WASHINGTON Timothy F. Geithner, the Treasury secretary and dean of President Obamas economic team, is expected to stay through the presidents term after intense White House pressure, according to officials familiar with the discussions. But Mr. Geithner has not yet notified the White House of his intentions, and family considerations could still win out, advisers say. Speculation from Washington to Wall Street has intensified because Mr. Geithner, the only holdover at the center of Mr. Obamas original economic circle, said a month ago that he would decide on his future after the White House and Congress reached a deal...
  • Tim Geithner out, Jon Corzine in? (Timmy doesnt sound like he's staying in the job much longer)

    08/03/2011 1:30:54 PM PDT · by SeekAndFind · 22 replies
    Hotair ^ | 08/03/2011 | Ed Morrissey
    After the resolution of the debt-ceiling impasse, rumors have been flying that the last senior member of Barack Obama’s original economic team will call it quits. Treasury Secretary Tim Geithner refused to answer questions about his plans yesterday on ABC’s Good Morning America, which doesn’t exactly sound like a man planning on staying in the job much longer: Speculation is rife in Washington that Geithner, who has outlasted all of President Obama’s other original economic advisors, will resign now that the nation’s borrowing capacity has been extended to 2013 and a 10-year, $2.1 trillion deficit-reduction agreement enacted.Geithner’s consideration of a...
  • Amid Budget Debate, Some Members of Congress Own Bits of U.S. Debt

    08/03/2011 11:39:52 AM PDT · by Palter · 1 replies
    Open Secrets ^ | 01 Aug 2011 | Kathleen Ronayne
    For some members of Congress, the debate over the debt ceiling has more than political implications. For those with investments in U.S. Treasury notes, bonds and bills, there's a bit of a personal skin in the game too. In 2010, at least 14 veteran members of Congress personally owned a portion of the U.S. debt, according to a Center for Responsive Politics review of congressional personal financial disclosure reports.>Some members of Congress hold as little as $1,000 in these types of assets, while others hold upwards of many millions. Disclosure reports only require members of Congress to list assets in...