Fatima Hussein, Author at The Rapid City Post

FILE - The Treasury Department building is seen, March 13, 2025, in Washington. (AP Photo/Alex Brandon, File)

Trump administration imposes sanctions on some Iranian people and firms after UN decision

October 1, 2025

The U.S. imposes new sanctions on firms and individuals linked to Iran’s missile and military aircraft production. This move supports the United Nations’ recently reimposed sanctions on Iran over its nuclear program. On Wednesday, the Treasury’s Office of Foreign Assets Control named 21 entities and 17 individuals involved in networks across Iran, Hong Kong, and China. The sanctions target those allegedly procuring technology for advanced missile systems and a U.S.-manufactured helicopter. The Trump administration collaborated with various agencies to gather intelligence for these actions. Iran maintains its nuclear program is peaceful, despite international concerns.

Phillip Swagel, director of the Congressional Budget Office, speaks during an interview with The Associated Press, Wednesday, Sept. 17, 2025, in Washington. (AP Photo/Alex Brandon)

He’s the budget scorekeeper for Congress. Lately, it’s been a tough job

September 25, 2025

The Congressional Budget Office has faced criticism over its analysis of Republicans’ big tax breaks and spending cuts bill. Speaker Mike Johnson and House Majority Leader Steve Scalise have denounced the CBO, while President Donald Trump has called the office “very hostile.” CBO Director Phillip Swagel emphasizes in an interview with The Associated Press the agency plays a nonpartisan role in assessing legislation. The CBO recently reported Trump’s tariffs could reduce the national deficit by $4 trillion but may cause temporary inflation. Swagel stresses the importance of unbiased analysis to inform Congress and the public. Swagel says the CBO’s priority is to make sure its work is accurate.

FILE - Rep. Kweisi Mfume, D-Md., protests against DOGE, the Department of Government Efficiency, as he and other House Democrats speak out against the Republican budget plan, on the House steps at the Capitol in Washington, Feb. 25, 2025. (AP Photo/J. Scott Applewhite, File)

Trump’s workforce purge batters DC’s job market and leads to rise in homes for sale, report finds

September 24, 2025

A new report finds the Department of Government Efficiency’s remaking of the federal workforce has battered the Washington job market and put more households in the metropolitan area in financial distress. Wednesday’s report says the number of homes for sale in the District of Columbia-Maryland-Virginia region has jumped by 64% since June 2024. The region’s unemployment rate has increased more than three times compared with the rest of the nation. The report notes Washington has had the nation’s highest seasonally adjusted unemployment rate for four straight months. The report warns these changes could shape consumer spending and investment in the local economy. The White House hasn’t responded to a request for comment.

FILE - A waiter delivers food to patrons at a restaurant, Jan. 21, 2022, in Miami Beach, Fla. (AP Photo/Marta Lavandier, File)

Who qualifies for ‘no tax on tips’ and what counts as a tip? Here are the new rules

September 19, 2025

The Treasury Department is moving closer to implementing President Trump’s “no tax on tips” promise. New guidance released Friday outlines which tipped workers can benefit. The provision, part of a tax law signed by Trump, eliminates federal income taxes on tips for certain jobs and allows deductions up to $25,000 annually from 2025 to 2028. However, it phases out for those earning over $150,000. Only tips from qualified occupations and reported to employers will qualify. The Yale Budget Lab estimates about 4 million workers are in tipped occupations. The provision could increase the deficit by $40 billion through 2028.

US sanctions Iranian financiers, others over $100M in cryptocurrency transfers from Iran oil sales

September 16, 2025

The U.S. has sanctioned two Iranian financiers and several firms in Hong Kong and the United Arab Emirates for allegedly coordinating $100 million in cryptocurrency transfers from Iranian oil sales. Treasury officials allege that Alireza Derakhshan and Arash Estaki Alivand facilitated these transactions for the Iranian government. They reportedly used a network of front companies to transfer the funds. The sanctions are part of a “maximum pressure” policy on Tehran, initiated by an executive order from President Donald Trump. The measures deny access to U.S. assets and prevent U.S. entities from doing business with those sanctioned.

The west front of the Capitol is seen in Washington, Thursday, Sept. 11, 2025, where the flags have been lowered to half-staff after the assassination of conservative activist Charlie Kirk. (AP Photo/J. Scott Applewhite)

Unemployment, inflation and GDP growth will be worse this year than projected, budget office says

September 12, 2025

The Congressional Budget Office has released new economic projections, indicating that unemployment, inflation and overall growth will worsen in 2025 before improving over the next year. The CBO’s update reflects major legislative and policy changes under President Donald Trump, including his new tariff policy and immigration plans. The CBO outlooks attempt to set expectations for the economy in order to help choices made by congressional and executive branch policymakers. But Friday’s outlook showed the degree to which Trump’s choices are altering the path of the U.S. economy, suggesting that growth has been hampered in the near term by choices that have yet to show the promised upside of more jobs and lower budget deficits.

Treasury Secretary Scott Bessent speaks in the Oval Office of the White House, Friday, Sept. 5, 2025, in Washington, during an event with President Donald Trump. (AP Photo/Alex Brandon)

US and European officials meet to discuss new sanctions on Russia

September 8, 2025

U.S. and European officials have met at the U.S. Treasury Department to discuss economic pressure on Russia, including new sanctions and tariffs on Russian oil. The meeting took place Monday evening, according to a person familiar with the matter who discussed it with The Associated Press on the condition of anonymity. U.S. officials emphasized President Donald Trump’s willingness to take significant actions to end the war, expecting full cooperation from European partners. The meeting highlighted the need for collective action on sanctions and managing Russian sovereign assets, which remain largely immobilized in Europe. Officials plan to meet again Tuesday.

President Donald Trump, right, shakes the hand of Russia's President Vladimir Putin during a joint press conference at Joint Base Elmendorf-Richardson, Alaska, Friday, Aug. 15, 2025. (AP Photo/Jae C. Hong)

US and EU plan to discuss new Russia sanctions: What could be next for Putin?

September 5, 2025

European officials, led by EU sanctions envoy David O’Sullivan, plan to visit the U.S. Treasury Department on Monday to discuss economic pressure on Russia, including new sanctions. A person familiar with the matter told The Associated Press about the meeting. Treasury Secretary Scott Bessent spoke with European Commission head Ursula von der Leyen on Friday to prepare. White House, State Department and Trade Representative officials are expected to participate. The meeting comes as President Donald Trump has grown increasingly frustrated by his inability to end the 3 1/2-year Russian war in Ukraine.

FILE - The Treasury Building is viewed in Washington, May 4, 2021. (AP Photo/Patrick Semansky, File)

The Treasury Department wants US banks to monitor for suspected Chinese money laundering networks

August 28, 2025

The Treasury Department wants U.S. financial institutions to monitor for suspected Chinese money laundering networks handling funds that are used to fuel the flood of fentanyl across American communities. An advisory Thursday to banks, brokers and others highlights how such operations are working with Mexican drug cartels. The Trump administration is calling on banks to flag certain customers who may fit a profile of people who could launder money for cartels. That could include Chinese nationals such as students, retirees and housewives with unexplained wealth, and those who refuse to provide information about the source of their money. The Chinese Embassy in Washington had no immediate comment.

U.S. Department of Homeland Security Federal Protective Services wait on a tow truck to take away a food truck on the National Mall, Friday, Aug. 15, 2025, in Washington. The owner says his employees were asked for immigration status by ICE and then he was told that the truck's tires were bad and it would have to be towed, though he insists it recently passed DC inspection. (AP Photo/Jacquelyn Martin)

DC unemployment rate is the highest in the US for the third straight month

August 19, 2025

Washington, D.C.’s, unemployment rate was the highest in the nation for the third consecutive month. New data from the Bureau of Labor Statistics released Tuesday shows the jobless rate reached 6% in July, highlighting how the mass layoffs of federal workers initiated by the Department of Government Efficiency have hit the District. An overall decline in international tourism may also be affecting the unemployment rate. Neighboring states Maryland and Virginia have also seen slight increases in unemployment rates in July.

President Donald Trump departs after speaking with reporters in the James Brady Press Briefing Room at the White House, Monday, Aug. 11, 2025, in Washington. (AP Photo/Alex Brandon)

US July budget deficit up 20% year-over-year despite record Trump tariff income

August 12, 2025

The U.S. has seen a record increase in tariff income, with a 273% rise in customs revenue from last year. However, the budget deficit is still up by 20% year over year, according to Treasury Department data released Tuesday. Tariff revenues are not yet offsetting federal spending, which is outpacing income from taxes and other sources. Increased spending includes growing interest payments on public debt and Social Security cost of living increases. While some see tariffs as meaningful revenue, others believe they will only modestly reduce federal debt. The Trump administration remains focused on reducing the deficit.

FILE - Treasury Secretary Scott Bessent arrives at the White House, Wednesday, July 16, 2025, in Washington. (AP Photo/Alex Brandon,File)

US national debt reaches a record $37 trillion, the Treasury Department reports

August 12, 2025

The U.S. government’s gross national debt has surpassed $37 trillion, setting a new record. This highlights the rapid acceleration of debt on America’s balance sheet and the increasing cost pressures on taxpayers. The Treasury Department reported this update on Tuesday. The national debt reached this level years sooner than pre-pandemic projections due to heavy borrowing during the COVID-19 pandemic. Experts warn that the growing debt could lead to reduced living standards and increased interest rates. The Joint Economic Committee estimates another trillion dollars could be added in about 173 days.

FILE - Rep. Billy Long, R-Mo., asks questions during hearing May 14, 2020, on Capitol Hill in Washington. (Greg Nash/Pool via AP, File)

Trump removes Billy Long as IRS commissioner, giving him the shortest-ever tenure in the role

August 8, 2025

President Donald Trump has removed former U.S. Rep. Billy Long as IRS commissioner less than two months after his confirmation. It wasn’t immediately clear why Long was dismissed. His quick exit makes him the shortest-tenured IRS commissioner confirmed by the Senate since the position was created in 1862. Long announced on social media that Trump nominated him for an ambassadorship to Iceland. Treasury Secretary Scott Bessent will serve as acting IRS commissioner. Long’s departure adds to the turmoil at the IRS, which has faced significant turnover and staff reductions. Long, a former auctioneer, had no background in tax administration and previously sponsored legislation to eliminate the IRS.

FILE - The super yacht Amadea sails into the San Diego Bay June 27, 2022, seen from Coronado, Calif. The United States is auctioning off the $325 million luxury superyacht Amadea, its first sale of a seized Russian superyacht since the launch of Russia’s full-scale invasion of Ukraine. The auction comes as President Donald Trump pressures Russian President Vladimir Putin to end the war. (AP Photo/Gregory Bull, File)

US is auctioning a seized $325M Russian yacht with 8 state rooms, a helipad, a gym and a spa

August 6, 2025

The United States is auctioning off the $325 million yacht Amadea in the first American sale of a seized Russian luxury ship since the start of Moscow’s invasion of Ukraine. The auction comes as President Donald Trump pressures Russian President Vladimir Putin to end the war. The Amadea was seized three years ago and is docked in San Diego. The 348-foot-long yacht features eight state rooms, a helipad and a beauty salon. The U.S. says the yacht belongs to a sanctioned Russian former politician. But a former Russian energy company official claims he owns it and says he’ll pursue the auction proceeds once he prevails in court. The auction closes Sept. 10.

FILE - A sign outside the Internal Revenue Service building is photographed May 4, 2021, in Washington. (AP Photo/Patrick Semansky, File)

Pastors who endorse political candidates shouldn’t lose tax-exempt status, IRS says in filing

July 7, 2025

The IRS says pastors endorsing political candidates during services should not risk losing their tax-exempt status. This challenges the Johnson Amendment, a 1954 rule barring tax-exempt groups, including churches, from political endorsements. On Monday, the IRS and a Christian media group asked a Texas court to stop enforcing the rule against religious organizations. The group argues the amendment violates their First Amendment rights. The IRS has rarely enforced the rule against churches. In 2017, President Donald Trump signed an order to limit its enforcement, and Republican lawmakers have since pushed to repeal it.

Senate Majority Leader John Thune, R-S.D., joined at left by Sen. John Barrasso, R-Wyo., the GOP whip, speaks to reporters following closed-door party meetings at the Capitol in Washington, Tuesday, June 17, 2025. (AP Photo/J. Scott Applewhite)

Republican Senate tax bill would add $3.3 trillion to the US debt load, CBO says

June 29, 2025

The changes made to President Donald Trump’s big tax bill in the Senate would pile trillions onto the nation’s debt load while resulting in even steeper losses in health care coverage, the nonpartisan Congressional Budget Office said in a new analysis, adding to the challenges for Republicans as they try to muscle the bill to passage. CBO estimates the Senate bill would increase the deficit by nearly $3.3 trillion from 2025 to 2034, a nearly $1 trillion increase over the House-passed bill. The analysis also found that 11.8 million more Americans would become uninsured by 2034 if the bill became law, an increase over the scoring for the House-passed version of the bill.

House Speaker Mike Johnson, R-La., attends a signing event for a bill blocking California's rule banning the sale of new gas-powered cars by 2035, in the East Room of the White House, Thursday, June 12, 2025, in Washington. (AP Photo/Alex Brandon)

GOP tax bill would cost poor Americans $1,600 a year and boost highest earners by $12,000, CBO says

June 12, 2025

The Republican tax bill approved by the House would cost the poorest Americans roughly $1,600 a year while increasing the income of the wealthiest households by an average of $12,000 annually. That’s according to a new analysis released Thursday by the Congressional Budget Office. The analysis found that middle-income households would see a boost of roughly $500 to $1,000 per year. The cuts to the lowest-income households come from proposed cuts to social safety net programs including Medicaid and a food assistance program for lower-income people, known as Supplemental Nutrition and Assistance Program. Treasury Secretary Scott Bessent and other Republicans have sought to discredit the CBO’s analyses of the bill.

FILE - Rep. Billy Long, R-Mo., asks questions during a House Energy and Commerce Subcommittee on Health hearing May 14, 2020, on Capitol Hill in Washington. (Greg Nash/Pool via AP File)

Ex-congressman Billy Long confirmed as commissioner of the IRS, an agency he once sought to abolish

June 12, 2025

Former congressman Billy Long of Missouri has been confirmed to lead the Internal Revenue Service, an agency he once sought to abolish. Long’s confirmation on a 53-44 Senate vote Thursday gives the beleaguered IRS a permanent commissioner after months of acting leaders and massive staffing cuts that have threatened to derail next year’s tax filing system. Democratic senators strongly opposed Long’s nomination based on the Republican’s past work for a firm that pitched a fraud-ridden coronavirus pandemic-era tax break and on campaign contributions he received after President Donald Trump picked him. While in Congress, Long sponsored legislation to get rid of the IRS, the agency he’s now tasked with leading.

Treasury Secretary Scott Bessent walks at the White House, Tuesday, June 3, 2025, in Washington. (AP Photo/Alex Brandon)

US declines to label China a currency manipulator, but blasts its transparency policies

June 5, 2025

The U.S. declined to label China a currency manipulator in a new Treasury report, but accuses Beijing of standing out among America’s major trading partners for lacking transparency. Treasury’s semi-annual report to Congress comes as the Trump administration seeks to strike a trade deal with China, averting a trade war that has been brewing between the two nations. A Treasury official told reporters previewing the report that the U.S. could in the future find evidence that China is manipulating its currency and will make a determination in the fall whether China has been manipulating the renminbi, also known as RMB. The U.S. labeled China a currency manipulator in 2019.

FILE - A Tariff Free sign to attract vehicle shoppers is at an automobile dealership in Totowa, N.J., on April 30, 2025. (AP Photo/Ted Shaffrey)

Trump’s tariffs would cut US deficits by $2.8T over 10 years and shrink the economy, CBO says

June 4, 2025

President Donald Trump’s sweeping tariff plan would cut deficits by $2.8 trillion over a 10-year period while shrinking the economy, raising the inflation rate and reducing the purchasing power of households overall. That’s according to an analysis released Wednesday by the Congressional Budget Office in a letter sent to Democratic congressional leadership. Baked into the CBO analysis is a prediction households would ultimately buy less from the countries hit with added tariffs. The budget office estimates the tariffs would increase the average annual rate of inflation by 0.4 percentage points in 2025 and 2026. The budget office’s model also assumes the Republican president’s tariffs will be in place permanently.

Fired federal tech staffers file retaliation claim to a panel whose chairwoman Trump also fired

May 28, 2025

A group of roughly 80 fired federal employees are appealing their terminations to an administrative body in charge of protecting the rights of federal employees from partisan political practices. Notably, that board’s chairwoman was also recently fired by President Donald Trump. The 18F employees, who worked on projects such as the IRS’ Direct File, filed an appeal Wednesday at the Merit Systems Protection Board against the General Services Administration and Elon Musk’s Department of Government Efficiency. They claim that they were identified in February for a reduction-in-force because of their “perceived political affiliations or beliefs.”

IRS nominee who sponsored legislation to abolish the agency faces pointed questions

May 20, 2025

A former congressman who sponsored legislation to abolish the IRS and is now the nominee to lead that agency has faced pointed questions from senators. Billy Long of Missouri was asked at his Senate confirmation hearing Tuesday about his past promotion of questionable tax credits, his lack of background in tax administration and the timing of political contributions he received after being nominated to lead the agency. Long told senators he wants to make “real, transformational change to an agency that needs it more than any other.” Long’s hearing comes as the IRS has hemorrhaged employees and churned through acting leaders.

Fatima Hussein.