Posts Tagged ‘Department of the Treasury’

US deficit up 15.7% in first half of fiscal 2011

April 13, 2011 Comments off


WASHINGTON — The US budget deficit shot up 15.7 percent in the first six months of fiscal 2011, the Treasury Department said Wednesday as political knives were being sharpened for a new budget battle.

The Treasury reported a deficit of $829 billion for the October-March period, compared with $717 billion a year earlier, as revenue rose a sluggish 6.9 percent as the economic recovery slowly gained pace.

The Treasury argued that the pace of increase in the deficit was deceptive because of large one-off reductions in expenditures made during the first half of fiscal 2010, compared with previous and subsequent periods.

Those included a $115 billion reduction in funds spent on the Troubled Asset Relief Program (TARP) — the financial institution bailout program — in March 2010.

But 2011 so far has also seen significant increases in spending on defense, Social Read more…

Gadhafi’s $30 Billion In US Assets Blocked By Treasury

March 1, 2011 Comments off

BENGHAZI, LIBYA - FEBRUARY 26:  Mothers mourn ...Libya’s people have taken most of the country, Gadhafi still controls Tripoli – Getty Images via @daylife

In addition to having his assets frozen by the Swiss and British governments, Colonel Muammar al-Gadhafi’s holdings in the United States have been blocked by the Department of the Treasury, which claims to have located at least $30 billion in Libyan assets.

After an executive order signed by President Barack Obama on Friday declared the “actions of Colonel Muammar Qadhafi [sic], his government, and close associates, […] an unusual and extraordinary threat to the national security and foreign policy of the United States,” the Financial Crimes Enforcement Network and the U.S. Treasury began to track down Libyan assets in Read more…