Federal prosecutors say seven people from New Jersey and New York took part in an extensive scheme to collect millions of dollars by fraudulently obtaining refund checks issued by the U.S. Treasury.
The government says it will temporarily suspend sales of U.S. Treasury securities to state and local governments at noon on Friday, the first step to avoid breaching the nation's borrowing limit.
President Barack Obama is announcing Treasury secretary nominee Jack Lew, pointing to his past work of balancing budgets during the Clinton administration.
The U.S. Treasury Department will begin taking steps this week to delay hitting the government's $16.4 trillion borrowing limit. Without those steps, the debt limit would be hit on Dec. 31.
The U.S. governments says it is selling its remaining shares of American International Group stock, moving to close the books on the government's biggest bailout during the 2008 financial crisis.
Treasury Secretary Timothy Geithner says Europe has the financial wherewithal to deal with the region's crippling financial crisis and bolster the eurozone in the long-run.
A senior administration official says that the Treasury Department plans to release information about its forthcoming plan to overhaul the corporate tax system on Wednesday.