Bill to grant crypto firms access to Federal Reserve alarms experts
A new Senate bill would help crypto firms access the Fed's payment system. But financial experts warn the move could destabilize the banking system.
GOP officials back Hungary’s resistance to global tax deal, bucking Biden
Viktor Orban’s foreign minister says he is ‘constantly’ consulting Republican lawmakers on opposition to plan to tax multinational firms
U.S. freezes $1 billion of Russian oligarch’s assets hidden in Delaware
Treasury Department announces new sanctions on trust of Suleiman Kerimov, a billionaire with ties to Vladimir Putin.
Democrats forge ahead on drug pricing, eyeing wider deal with Manchin
Democrats hope it can pave the way for them to resolve their other differences with Manchin, with the goal of bringing a final bill to the floor in late July.
U.S. sends Ukraine $1.3 billion in emergency economic aid
The Ukrainian economy is estimated to contract by as much as 45 percent in 2022 as allies pledge assistance.
Taiwan official calls for approval of U.S. computer chip subsidies
Taiwan says the failure of the Congress to pass subsidies for chip manufacturing will slow plans for new chip factories in the United States.
Biden aides seek to unlock Afghan reserves without enriching Taliban
After earthquake, aid groups warn of humanitarian crisis if the U.S. keeps Afghanistan cut off from the global economy.
Democrats race to revive economic package as inflation spikes
Economic peril has fueled new urgency on Capitol Hill, where Democrats hope to resolve their differences and deliver on the promises they made last election.
2 huge chip makers warn of expansion delays as subsidies bill languishes
One year after the Senate passed $52 billion in subsidies for computer chip manufacturers, the funding still isn’t signed into law.
IRS has backlog of 21.3 million paper tax returns, watchdog says
The backlog is "crushing" the taxpayer agency, according to a new watchdog report.
Fed chair acknowledges that higher interest rates could cause a recession
Powell is appearing before the Senate Banking Committee as the Fed ramps up its effort to slash inflation from 40-year highs.
The comedown: After stimulus boom, Americans face a darkening economy
Pandemic-era aid ended as prices spiked — and now the middle class is feeling squeezed again
U.S. policymakers misjudged inflation threat until it was too late
This timeline provides an overview of some of the key moments in the inflation story over the last year, and how it has bedeviled the leaders of the White House and Federal Reserve.
White House exploration of gas rebate cards complicated by chip shortages
The Biden administration is bracing for further fuel spikes but sees little recourse.
Fed raises interest rates by largest amount since 1994 to fight inflation
The Fed is taking strong tactics to tackle inflation after prices soared even higher in May.
What will the Fed’s rate hike mean for consumers?
The Fed raised interest rates by three-quarters of a percentage point in an attempt to temper record inflation. Here's what consumer need to know.
Average U.S. gas prices top $5 a gallon, as surging energy costs squeeze economy
The upward march of fuel costs has emerged as one of the chief domestic political threats to the Biden administration ahead of the midterm elections.
White House shifts pandemic money to vaccines, cutting other programs
With additional funds still stuck in Congress, the money will come from other pandemic programs.
U.S. watchdog warns unemployment benefits are at ‘high risk’ of fraud, abuse
The warning came amid a raft of new reports on challenges facing the country’s jobless aid programs.
How the White House lost Joe Manchin, and its plan to transform America
Inside the rift between the president and his 50th Senate vote that has thwarted Democrats' ambitions.