Tag - Treasury Department

Manchin pushes to delay tax credits for electric vehicles


Washington: Ratcheting up his criticism, Democratic Sen. Joe Manchin on Wednesday moved to delay new tax credits for electric vehicles, a key feature of President Joe Biden’s landmark climate law. Manchin said guidelines issued by the Treasury Department allow manufacturers in Europe and other countries to bypass requirements that significant portions of EV batteries be produced in...

Countdown in the offing for political fight over debt


Washington: The countdown toward a possible U.S. government default is in the offing — with frictions between President Joe Biden and House Republicans raising alarms about whether the U.S. can sidestep a potential economic crisis. The Treasury Department projects that the federal government will on Thursday reach its legal borrowing capacity of $38.381 trillion, an artificially imposed cap that...