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Fatima Hussein.

Logo of Russian oil company Lukoil hangs from the ceiling as visitors and delegates leave the hall after the inaugural session of annual Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC) in Abu Dhabi, United Arab Emirates, Monday, Nov. 3, 2025. (AP Photo/Altaf Qadri)

US sanctions on big Russian oil firms are having their intended effect, Treasury official says

November 20, 2025

The Trump administration says it’s seeing signs that its sanctions on Russian oil producers are working. Prices for Russian crude have plunged over the past few weeks, and Indian and Chinese buyers have moved to cancel or pause their purchases before Friday’s deadline to cut off business with Rosneft and Lukoil. That’s according to a senior Treasury Department official, who spoke to reporters on condition of anonymity. The sanctions aim to pressure Russian President Vladimir Putin into negotiations to end the war in Ukraine. They come as the Trump administration presents Ukraine with a new proposal that calls for major concessions.

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U.S. Secretary of the Treasury Scott Bessent speaks to reporters at the White House, Wednesday, Nov. 5, 2025, in Washington. (AP Photo/Allison Robbert)

New sanctions target Russian web hosting service over suspected ransomware operations

November 19, 2025

The United States, Britain and Australia have announced sanctions against a Russia-based web hosting service for allegedly running ransomware operations. Officials say Media Land is among the companies that sell access to servers and other computer infrastructure and enable such criminal activity. The Treasury Department says Media Land was penalized along with three members of its leadership team and three affiliated business in an operation coordinated with the FBI. Ransomware can severely disrupt local governments, court systems, hospitals and schools as well as businesses. Most gangs are based in former Soviet states and are out of the reach of Western courts.

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FILE - A sign that reads "Closed due to federal government shutdown," is seen outside of the National Gallery of Art on the 6th day of the government shutdown, in Washington, Oct. 6, 2025. (AP Photo/Jose Luis Magana, File)

Federal workers question whether the longest government shutdown was worth their sacrifice

November 13, 2025

Federal workers are expressing relief and frustration as the longest government shutdown has come to an end. Social Security claims specialist Jessica Sweet cut back on essentials and racked up credit card debt to get by. The shutdown began on Oct. 1 after Democrats rejected a funding fix, demanding health insurance subsidies. It ended when some Democratic-aligned senators agreed to a deal without the subsidies. The shutdown affected more than 1 million federal employees, with many working without pay. The deal ensures back pay and reverses dismissals. Workers say they felt like political pawns and worry this shutdown might not be the last.

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The U.S. Capitol is photographed on 37th day of the government shutdown, Thursday, Nov. 6, 2025, in Washington. (AP Photo/Mariam Zuhaib)

The Congressional Budget Office was hacked. It says it has implemented new security measures

November 6, 2025

The Congressional Budget Office confirmed Thursday that it had been hacked. This small government office provides objective analysis to support lawmakers during the budget process. Caitlin Emma, a spokeswoman for the CBO, said the agency identified the security incident and took immediate action to contain it. They have implemented additional monitoring and new security controls to protect the agency’s systems. The incident is under investigation, but work for Congress continues. The Washington Post first reported the hacking issue, citing four people familiar with the situation.

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FILE - The headquarters of the Internal Revenue Service is in Washington, August 10, 2024. (AP Photo/Ted Shaffrey, File)

IRS Direct File won’t be available next year. Here’s what that means for taxpayers

November 5, 2025

The Trump administration has decided not to offer the IRS’ electronic tax filing system for free next year, and its future is unclear. An IRS official informed state comptrollers in an email Monday that “IRS Direct File will not be available in Filing Season 2026.” Treasury Secretary Scott Bessent said better alternatives exist and the private sector can do a better job. The program, developed during Joe Biden’s presidency, was praised for making tax filing easy and economical. However, it faced criticism from Republican lawmakers who called it a waste of taxpayer money and from commercial tax preparation companies that have made billions from charging people to use their software.

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

US sanctions North Korean bankers accused of laundering stolen cryptocurrency

November 4, 2025

The United States is sanctioning a group of bankers and financial firms accused of laundering money for North Korea. The Treasury Department’s Office of Foreign Assets Control targeted eight people and two firms with the new sanctions on Tuesday. Treasury officials say North Korea relies on a network of cyber thieves and IT workers to steal money — mainly cryptocurrency — and launder it through banks and shell companies in North Korea, China, and Russia. The Treasury Department says the money helps fund North Korea’s nuclear weapons program, and that more than $3 billion has been stolen this way over the past three years.

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Treasury Secretary Scott Bessent speaks with reporters at the White House, Wednesday, Oct. 22, 2025, in Washington. (AP Photo/Evan Vucci)

Trump’s not going to the Supreme Court hearing on tariffs. But his treasury secretary will be there

November 3, 2025

Treasury Secretary Scott Bessent says he plans to take a “ringside seat” at the U.S. Supreme Court on Wednesday. That’s when the justices are set to hear arguments on whether President Donald Trump overstepped federal law in setting many of his sweeping tariffs. Trump had said he wanted to go to the arguments in person. But this weekend, he ruled it out, saying he didn’t want to be a distraction. Bessent told Fox News Channel the case was critical, calling it a “matter of national security.” Lower courts have said Trump overstepped his powers when he set the tariffs, but left them in place pending the Supreme Court’s decision.

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US lifts sanctions on separatist Bosnian Serb leader Dodik and his family

October 29, 2025

The U.S. has lifted sanctions against separatist Bosnian Serb leader Milorad Dodik. The sanctions were imposed in 2022 by the Biden administration, which accused him of corruption and threatening to destabilize the region through his separatist activities. The decision to lift the sanctions was announced by the Treasury Department on Wednesday, but U.S. officials have not commented on the reasons behind it. Dodik until recently was a member of Bosnia’s tripartite presidency and he is staunchly pro-Russian. He has long advocated for the separation of the Bosnian Serb region of Bosnia.

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FILE - The Social Security Administration's main campus is seen in Woodlawn, Md., Jan. 11, 2013. (AP Photo/Patrick Semansky, File)

Social Security recipients get a 2.8% cost-of-living boost in 2026, average of $56 per month

October 24, 2025

Some seniors say the Social Security Administration’s cost-of-living adjustment won’t help much in their ability to pay for their daily expenses. The agency announced Friday the annual cost-of-living adjustment will go up by 2.8% in 2026, translating to an average increase of more than $56 for retirees every month. Eighty-year-old Florence, South Carolina, resident Linda Deas says it does not match the current “affordability crisis.” The benefits increase will go into effect for Social Security recipients beginning in January. Friday’s announcement was meant to be made last week but was delayed because of the federal government shutdown. Recipients got a 2.5% COLA boost in 2025 and a 3.2% increase in 2024.

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Treasury Secretary Scott Bessent speaks with reporters at the White House, Wednesday, Oct. 22, 2025, in Washington. (AP Photo/Evan Vucci)

US hits $38 trillion in debt, after the fastest accumulation of $1 trillion outside of the pandemic

October 22, 2025

The U.S. government’s gross national debt has surpassed $38 trillion during the federal shutdown, marking a record high. This rapid debt accumulation is the fastest outside of the COVID-19 pandemic, with the debt having reached $37 trillion in August. The Treasury Department’s latest report, issued Wednesday, highlights these figures. Experts warn that rising debt can lead to higher inflation, eroding purchasing power and increasing borrowing costs.

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FILE - The Social Security Administration's main campus is seen in Woodlawn, Md., Jan. 11, 2013. (AP Photo/Patrick Semansky, File)

Social Security cost-of-living increase announcement delayed by government shutdown

October 14, 2025

The ongoing government shutdown has delayed the announcement of the annual Social Security cost-of-living increase. This announcement, originally scheduled for Wednesday, is now set for Oct. 24. The delay affects millions of beneficiaries who rely on these adjustments to plan their finances. The Senior Citizens League and AARP are projecting a 2.7% increase. Many retirees worry this won’t cover rising costs. Some lawmakers propose using a different index to calculate these increases since they don’t factor in health care expenses. The agency plans to notify recipients of their new benefits in December. The program faces financial challenges, with a trust fund shortfall expected by 2034.

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United States Secretary of the Treasury, Scott Bessent presents an award to the President of Argentina Javier Milei at the Global Citizen Awards ceremony, Wednesday, Sept. 24, 2025, in New York. (AP Photo/Stefan Jeremiah)

US buys Argentine pesos, finalizes $20 billion currency swap

October 9, 2025

The U.S. Treasury has purchased Argentine pesos and finalized a $20 billion currency swap with Argentina’s central bank. Treasury Secretary Scott Bessent announced the deal on Thursday, saying that the U.S. is ready to take exceptional measures to stabilize markets. The agreement followed four days of meetings with Argentinian Minister Luis Caputo in Washington, D.C. Bessent emphasized that the swap is not a bailout. However, U.S. farmers and Democratic lawmakers have criticized it, arguing it benefits Argentina, which has profited from soybean sales to China at the expense of U.S. farmers.

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

New US sanctions target 50 people, companies and ships for allegedly aiding Iran’s oil and gas trade

October 9, 2025

The Trump administration has imposed sanctions on a group of 50 people, companies and ships largely out of the United Arab Emirates, Hong Kong and China. The United States alleges they were facilitating the shipment of Iranian oil and sales of liquefied petroleum gas. The administration is citing a collection of executive orders signed by Republican President Donald Trump, including one in February that calls for the United States to “drive Iran’s export of oil to zero.” His “maximum pressure” on Iran is meant to deny Tehran access to nuclear weapons.

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FILE - The headquarters of the Internal Revenue Service is in Washington, August 10, 2024. (AP Photo/Ted Shaffrey, File)

IRS to furlough nearly half of its workforce as shutdown enters second week

October 8, 2025

The IRS will furlough nearly half of its workforce as part of a new contingency plan. The agency said Wednesday that most operations are closed. This follows the failure of President Donald Trump and Congress to reach a funding agreement, leading to a government shutdown now in its second week. The IRS initially planned to stay open using funds from the Inflation Reduction Act, but now only 53.6% of its 74,299 employees will remain working. Last week, Trump said around 750,000 federal workers nationwide were expected to be furloughed, with some potentially fired.

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FILE - International Monetary Fund (IMF) Managing Director Kristalina Georgieva speaks during a news conference during the World Bank/IMF Annual Meetings in Washington, Oct. 24, 2024. (AP Photo/Jose Luis Magana, File)

IMF chief warns of economic uncertainty and offers this advice: ‘Buckle up’

October 8, 2025

The global economy may be holding up better than expected despite major shocks such as President Donald Trump’s tariffs, but the head of the International Monetary Fund says that resilience may not last. “Buckle up,” Managing Director Kristalina Georgieva says in prepared remarks to a think tank Wednesday. And she says, “Uncertainty is the new normal and it is here to stay.” Her comments comes before the IMF and World Bank hold their annual meetings next week in Washington. Trump’s trade penalties are expected to be in sharp focus when global finance leaders and central bankers gather.

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FILE - Social Security Commissioner Frank Bisignano speaks during an event with President Donald Trump in the Oval Office to mark the 90th anniversary of the Social Security Act, Aug. 14, 2025, in Washington. (AP Photo/Alex Brandon, File)

Social Security Administrator Frank Bisignano is named to the newly created position of IRS CEO

October 6, 2025

Frank Bisignano has been named CEO of the IRS, adding to his role as Social Security Administration Commissioner. Bisignano will report to Treasury Secretary Scott Bessent, who is the acting IRS commissioner. It’s unclear if his new role requires Senate confirmation. The Treasury says Bisignano will oversee IRS operations while continuing his current duties. Bessent stated that the IRS and SSA share similar goals, making Bisignano a suitable choice. This appointment is part of ongoing leadership changes at the IRS since Trump’s term began. Bisignano joins other officials holding multiple roles, including Bessent, Marco Rubio and Russell Vought.

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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.

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FILE - President Donald J. Trump's name is printed on a stimulus check issued by the IRS to help combat the adverse economic effects of the new coronavirus outbreak in San Antonio, April 23, 2020. (AP Photo/Eric Gay, File)

US government is phasing out paper checks. Here’s what that means for you

September 30, 2025

The U.S. government is phasing out paper checks for most programs. The change starts Tuesday and affects recipients of benefits like Social Security, Supplemental Security Income and tax refunds. Nearly 400,000 Social Security and SSI recipients still rely on paper checks. The director of Social Security and disability policy at the Center on Budget and Policy Priorities says many of these people lack access to digital services. President Donald Trump’s Republican administration says electronic payments and collections will speed up processing and cut costs. The Social Security Administration says it will continue issuing paper checks if a beneficiary “has no other means to receive payment.”

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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.

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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.

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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.

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

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.

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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.

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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.

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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.

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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.

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President Donald Trump, right, shakes the hand of Social Security Commissioner Frank Bisignano during an event in the Oval Office to mark the 90th anniversary of the Social Security Act, Thursday, Aug. 14, 2025, in Washington. (AP Photo/Alex Brandon)

After Trump’s DOGE action, 300 million people’s Social Security data is at risk, whistleblower says

August 26, 2025

A whistleblower says more than 300 million Americans’ Social Security data was put at risk after Department of Government Efficiency officials uploaded sensitive information to a cloud account not subject to oversight. The disclosure was submitted to the special counsel’s office on Tuesday by whistleblower Charles Borges, the chief data officer at the Social Security Administration. He says the potential sensitive information that risks being released includes health diagnoses, income, banking information, familial relationships and personal biographic data. The Social Security Administration claims the data is secure and not compromised. Borges said the upload was an abuse of authority and a threat to public safety.

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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.

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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.

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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.

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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.

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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.

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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.

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FILE - A Social Security card is displayed on Oct. 12, 2021, in Tigard, Ore. The go-broke dates for Medicare and Social Security’s trust funds have moved up as rising health care costs and new legislation affecting Social Security benefits have contributed to closer projected depletion dates. That's according to an annual report released Wednesday. (AP Photo/Jenny Kane, File)

Trump keeps saying the GOP mega bill will eliminate taxes on Social Security. It does not

July 1, 2025

President Donald Trump keeps saying that Republicans’ mega tax and spending cut legislation will eliminate taxes on federal Social Security benefits. It does not. Instead of eliminating the tax, the Senate and House have each passed their own versions of a temporary tax deduction for seniors aged 65 and over, which applies to all income — not just Social Security. And it turns out not all Social Security beneficiaries will be able to claim the deduction. Those who won’t be able to do so include the lowest-income seniors who already don’t pay taxes on Social Security, those who choose to claim their benefits before they reach age 65 and those above a defined income threshold.

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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.

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FILE - A Social Security card is displayed on Oct. 12, 2021, in Tigard, Ore. The go-broke dates for Medicare and Social Security’s trust funds have moved up as rising health care costs and new legislation affecting Social Security benefits have contributed to closer projected depletion dates. That's according to an annual report released Wednesday. (AP Photo/Jenny Kane, File)

New Social Security Commissioner faces pointed questions about staffing, privacy

June 25, 2025

After months of job cuts, leadership turnover and other turmoil at the Social Security Administration, the agency’s newly minted commissioner faced pointed questions from lawmakers about the future of the agency and its ability to pay Americans their benefits and protect their privacy. Commissioner Frank Bisignano told lawmakers “increased staffing is not the long term solution,” vowing instead to invest in technology so the agency could function with fewer workers. “We will do this by becoming a digital-first, technology-led organization that puts the public as our focal point,” he said.

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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.

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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.

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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.

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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.

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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.”

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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)

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.

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