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House Energy and Commerce Committee Chairman Rejects Carbon Tax Proposal

November 13, 2012/0 Comments/in Featured, News /by Zack Colman and Ben Geman

photo credit: caza_no_7House Energy and Commerce Committee Chairman Fred Upton (R-Mich.) threw cold water Tuesday on supporting a carbon tax, hours after a Treasury Department official said the administration could consider the idea if Republicans lead the effort.

A tax on greenhouse gas emissions has won increased attentoin in recent weeks as a way to combat climate change and simultaneously raise revenues.

But Upton (R-Mich.) said Tuesday he is “not a carbon tax guy.”

The administration said last week it would not propose a carbon tax. But Gilbert E. Metcalf, Treasury’s deputy assistant secretary for energy and environment, reiterated that position Tuesday, opened the door to discussing carbon taxes in fiscal talks if Republicans initiated the push.

Upton comments Tuesday underscore how unlikely that scenario is as talks about avoiding the “fiscal cliff” unfold. Asked if he would accept a carbon tax along with a tax cut elsewhere, Upton said, “I don’t like the idea.”

$16 Trillion In Debt, Treasury Dept. Offers Prizes To Kids Who Share The Best ‘Savings Stories’

November 6, 2012/1 Comment/in Featured, The Offbeat /by Craig Bannister

photo credit: rosefirerisingWith the country $16 trillion in debt, the U.S. Treasury Dept. is offering prizes to kids (K-12) who share the best “savings stories.”

The U.S. Treasury Department’s “Save Out Loud” contest is offering prizes to winning students who submit the most compelling photos, videos, and accounts of their savings success stories:

“Do you know a student with a savings story to share? The U.S. Department of the Treasury wants to hear about it!”

I’ll bet they do.

With the U.S. national debt exceeding $16 trillion – and the government spending a trillion dollars more than it’s taking in this year – the government could probably use all the savings tips it can get.With the country $16 trillion in debt, the U.S. Treasury Dept. is offering prizes to kids (K-12) who share the best “savings stories.”

The United States lost billions more than expected on auto bailout

August 14, 2012/2 Comments/in Featured, News /by David Shepardson

The Treasury Department says in a new report the government expects to lose more than $25 billion on the $85 billion auto bailout. That’s 15 percent higher than its previous forecast.

In a monthly report sent to Congress on Friday, the Obama administration boosted its forecast of expected losses by more than $3.3 billion to almost $25.1 billion, up from $21.7 billion in the last quarterly update.

The report may still underestimate the losses. The report covers predicted losses through May 31, when GM’s stock price was $22.20 a share.

On Monday, GM stock fell $0.07, or 0.3 percent, to $20.47. At that price, the government would lose another $850 million on its GM bailout.

The government still holds 500 million shares of GM stock and needs to sell them for about $53 each to recover its entire $49.5 billion bailout. At the current price, the Treasury would lose more than $16 billion on its GM bailout.

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