Biden Says He Is Near Decision on Backing Federal Gasoline-Tax Holiday
WASHINGTON—President Biden said Monday that he may make a decision on seeking a pause to the federal gasoline tax by the end of the week, as Americans deal with soaring…
Global Minimum Tax Suffers Fresh Setback as EU Fails to Agree on Implementation
A global deal to introduce a minimum tax rate on company profits hit a fresh roadblock Friday after Hungary vetoed a European Union agreement to implement the measure, which is…
U.S. Budget Deficit Narrowed in May as Pandemic Spending Eased
WASHINGTON—The federal budget ran a $66 billion deficit during May, a 50% decline from a year earlier as the government slashed spending on pandemic programs. Federal outlays in May fell…
U.S. Considering Reducing Tariffs on China to Ease Inflation, Yellen Says
WASHINGTON—Treasury Secretary Janet Yellen said the Biden administration is considering ways to reconfigure tariffs on imports from China as a means of helping to ease decades-high inflation. Ms. Yellen, speaking…
Japan Adopts View That Huge Government Debt Doesn’t Matter
TOKYO—When Japan’s leader released his economic vision Tuesday, he left out an important date. Prime Minister Fumio Kishida deleted a pledge from earlier government statements calling for Japan’s budget to…
Individual Income Tax Payments on Pace to Reach Record Level
WASHINGTON—An unprecedented gush of income tax revenue is flowing into the federal government, driven in part by investors and business owners, and the size and speed of the increase has…
Yellen Says She Never Urged Smaller Rescue Package Over Inflation Concerns
WASHINGTON—Treasury Secretary Janet Yellen denied that she tried to decrease the size of the $1.9 trillion rescue package Democrats approved in early 2021, defending legislation that is now a focus…
Saudi Arabia Sits on Its Oil-Boom Windfall as It Seeks to Diversify Economy
RIYADH—In past oil booms, Saudi Arabia funneled financial windfalls into massive infrastructure and handouts for its citizens. This time around, it is sitting on the cash. With oil prices consistently…
Treasury Releases Pandemic Funding for Small Businesses as They Face New Risks
A federal pandemic aid program aimed at boosting small businesses’ access to capital is getting off the ground more than a year after it was authorized, when firms are now…
Americans Reported Strong Personal Finances Late Last Year, Fed Finds
Americans reported the highest level of financial well-being last fall than at any point in almost a decade, leaving them better-positioned to withstand an economic slowdown this year, according to…
