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Treasury Secretary Timothy Geithner said Thursday the government's $700 billion bailout program will end "as soon as we can," and that part of it will be used to lower the soaring federal debt.
The value of loans held by the largest banks who received the largest amounts of government bailout support fell for an eighth consecutive month in September, according to the Treasury Department.
Foreign demand for long-term U.S. financial assets rose in September as China and other countries boosted their holdings of Treasury securities.
Businesses slashed inventories for a 13th consecutive month in September although the pace of reductions slowed from the previous month. The economic rebound is expected to remain tentative until businesses switch to rebuilding their stockpiles.
A gauge of future economic activity and a report on unemployment benefits signaled Thursday that the recovery likely will remain weak in the coming months.
Retail sales rose more than expected in October, but the gain largely reflected a big rebound in auto sales.
In his visit to Beijing this week, President Barack Obama is expected to tread lightly when pressing China to let its currency rise against the dollar.
The federal deficit hit a record for October as the new budget year began where the old one ended: with the government awash in red ink.
China must continue to work to boost domestic demand to avoid global imbalances in the flows of trade and investments between nations, a senior U.S. Treasury official said Tuesday.
Consumers borrowed less for a record eighth straight month in September amid rising unemployment and tight credit conditions. Economists worry the declines in borrowing will drag on the fledgling recovery.
Businesses cut inventories at the wholesale level for a record 13th consecutive month in September, but sales rose for a sixth straight time.
Companies across the economy are finding ways to do more with fewer workers, dimming hopes that hiring will take off anytime soon.
Productivity surged in the third quarter at the fastest pace in six years while labor costs continued to drop sharply, a combination that will bolster companies' profits but leave workers with stagnant incomes.
The world's top finance officials this week plan to develop a peer review process to ensure their economic policies avoid the trade and budget imbalances that contributed to last year's financial crisis, a Treasury Department official said Tuesday.
The Treasury Department now expects to hit the government's debt limit in December, two months later than its initial estimate, after scaling back an emergency loan program as the financial crisis abated.
Construction spending in September posted a better-than-expected performance, powered by the largest jump in housing construction in more than six years.
Can growth in the gross domestic product, the broadest measure of the nation's economy, be sustained?
The government zeroed in on corporate excess and recklessness Thursday with deep, unprecedented cuts in executive compensation at companies living on taxpayer money and a move to wield veto power over pay policy at thousands of banks to limit risk-taking.
The government unleashed efforts on two fronts Thursday to rein in outsized executive pay packages and limit the excessive risk-taking that fueled the financial crisis.
The Treasury Department on Thursday ordered seven companies that received billions of dollars in government bailouts to halve total compensation for their top executives. But the big reductions will not apply to pay earned before November.
The Treasury Department is ordering companies that received billions of dollars in government bailouts to halve total compensation for their top executives. But the big reductions will not apply to pay earned before November.
President Barack Obama says Americans' values are offended by excessive paychecks for executives whose companies were bailed out by taxpayers.
First came the bailout. Now comes the payback.
The Treasury Department on Thursday is expected to order seven companies that have not paid back last year's government bailouts to halve their top executives' average compensation.
The chairman of the panel that oversees the $700 billion federal bailout fund said Thursday the Obama administration is insisting on slashing the salaries of executives of companies that took money from the government.
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