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Stock market continues to tank over budget impasse

US stocks fell Thursday as continued concern about the US budget impasse, underscored by a dire Treasury report, and weak US services sector data offset other upbeat economic data. About 55 minutes into trade, the Dow Jones Industrial Average tumbled 121.41 points (0.80 percent) to 15,011,73. The broad-based S&P 500…

Mortgage-backed securities that brought about the financial crisis earned the U.S. Treasury $25 billion

The US Treasury said Monday it had earned $25 billion from investments it made in mortgage-backed securities during the height of the financial crisis in 2008-2009. Announcing the completion of its disposal of its position in the securities, which were at the center of the meltdown of the financial system,…

$2 trillion error in S&P calculations: US Treasury

The US Treasury has hit back against a Standard and Poor’s downgrade of its AAA credit rating, saying there was a $2 trillion dollar error in the agency’s calculations. “A judgment flawed by a 2 trillion dollar error speaks for itself,” a Treasury spokesman said, just after the US lost…

U.S. borrowing to surge after debt ceiling raised

WASHINGTON — The US Treasury said Monday that it will step up borrowing after the debt ceiling is raised, expected this week if a highly contentious legislation crafted over the weekend clears Congress. In its quarterly funding plans, the Treasury said it expected to issue $331 billion in net debt…

US Fed delivers $79 billion boost to government

WASHINGTON – The US central bank was a pretty profitable business in 2010, returning $79.3 billion to the government, much of it interest on securities bought to prop up the economy, it said Tuesday. The Federal Reserve published its official accounts showing a net profit of $81.7 billion, a 53…

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