Treasury | featured news

Maybe the cash-strapped U.S. government should start selling iPads. According to the latest statement from the U.S. Treasury, the government had an operating cash balance Wednesday of $73.8 billion. That's still a lot of money, but it's less than what Steve Jobs has lying around.

The Federal Election Commission says former North Carolina Sen. John Edwards' 2008 presidential campaign should repay the Treasury $2.3 million.

The Treasury department said on Tuesday that automaker Chrysler Group LLC has repaid $5.1 billion in bailout loans and ended its ability to draw a remaining $2.1 billion.

The Treasury has told lawmakers a roughly $2 trillion increase in the legal limit on U.S. federal debt was needed to ensure the government can keep borrowing through the 2012 presidential election, sources with knowledge of the discussions said.

Treasury updated its projections for the cost of the 2008 Troubled Asset Relief Program, saying that for the first time the amount of funds that has been returned to taxpayers exceeds $250 billion.

President Barack Obama on Tuesday interviewed investment banker Roger Altman, a former Treasury official, as a candidate to replace departing economic adviser Larry Summers, a White House official said.

General Motors on Wednesday finalized terms for a stock offering of about $13 billion to repay a controversial taxpayer-funded bailout and reduce the Treasury to a minority shareholder.

The upcoming initial public offering of General Motors Co will be open to the widest possible range of investors, including both overseas funds and U.S. retail buyers, the U.S. Treasury said on Friday.

How long it takes for the government to divest its holdings in General Motors will, in part, be determined by the company’s success, G.M.’s chief executive said.

Election watchdogs have directed Joe Biden's 2008 presidential campaign to pay the U.S Treasury more than $219,000 to resolve issues caused by sloppy bookkeeping and accepting excessive contributions, including a discounted flight on a private jet.