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Every month, the government sends out about 5 million paper checks to Americans who receive federal benefits. As of March 1, however, the Treasury Department is planning to make those checks a thing of the past. It's encouraging holdouts to move to direct deposit or a debit card.
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While some of the questions were pointed, Lew had an easier go of it than some recent nominees. Some of the toughest questioning centered around a nearly $1 million bonus he received from Citibank just as it got bailed out.
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Jack Lew is known as a smart, unassuming budget wonk who has spent most of his career in government policy-making jobs. Lew, President Obama's nominee to be Treasury secretary, is expected to face questions about his management years at Citigroup before the government bailed out the banking giant.
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Under the health care overhaul, many people who find their job-based health coverage too expensive can get help buying insurance through exchanges. But rules just finalized by the Internal Revenue Service will limit who is eligible for a subsidy and could leave some families shut out.
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All but one of 69 top employees at three bailed-out companies had pay packages worth at least $1 million. The Treasury defended its approval, saying the report was riddled with errors.
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Some GOP House members argue that if the debt limit isn't raised, the president would have to make choices about what bills get paid. But economists say prioritizing payments 鈥� even assuming it would be possible 鈥� isn't a great idea.
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On Monday, President Obama repeated his call to Congress to raise the U.S. Treasury's borrowing limit.
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With yet another impasse over the debt ceiling looming, the White House may be forced to mull some strange solutions, but it won't be a $1 trillion coin. Weekends on All Things Considered host Jacki Lyden speaks with James Fallows of The Atlantic about the other options on table.
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Timothy Geithner presided over Treasury at a particularly tumultuous time. The banking system was still in a crisis, and people were soon calling for his head. Naming his replacement four years later, President Obama said Geithner will be remembered "as one of our finest secretaries of the Treasury."
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The president has nominated his chief of staff. Jack Lew is also a former budget director in both the Clinton and Obama administrations. He would replace Timothy Geithner, who plans to step down soon.