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The IRS and the Treasury Department say Americans will start receiving their economic impact checks in the next three weeks.The payments are part of the .2 trillion 179

The Hurricane Center said there is a 100% chance of a tropical depression forming in the Gulf of Mexico. They say by Thursday night it's forecast to become a tropical storm and by Friday it could form into a hurricane.Tropical storm and storm surge watches have been issued for parts of Louisiana.The governor of Louisiana declared a state of emergency on Wednesday ahead of the storm. 397

Thanksgiving weekend will mark five of the 10 projected busiest shopping days of the year, marking a critical period for retailers throughout the nation. According to 179

The Democrat-led House Ways and Means Committee is suing the Treasury Department, the IRS and their respective leaders, Steve Mnuchin and Charles Rettig, according to the federal court in Washington.House Ways and Means Chairman Richard Neal is seeking the President's tax returns using a little-known IRS provision known as 6103, which allows the Chairmen of the House Ways and Means Committee and the Senate Finance Committee to request and obtain an individual's tax information for a legitimate legislative purpose.The move comes months after Neal made his initial request for the President's tax information and as outside groups and other liberals on the Ways and Means Committee grew impatient with the pace of Neal's efforts. Neal initially made his request for Trump's tax returns on April 3. After a series of follow-up letters, the Treasury Department formally denied the request at the beginning of May, and Neal issued subpoenas to the IRS and Treasury Department on May 10.Democrats had argued that under 6103 authority, Neal did not need to issue a subpoena, but internal deliberations with House Counsel got Neal to the point where the advice was that a subpoena could bolster the case in court. The Democrats on Neal's committee have argued that they need access to the President's tax returns in order to understand how the IRS administers the presidential audit program. Meanwhile, the Treasury Department has argued it is not a legitimate legislative purpose.The lawsuit piles onto several other court fights involving other committees and members of Congress seeking Trump financial records.In two other court cases, Trump has tried to stop the House Oversight Committee, the House Intelligence Committee and the House Financial Services Committee from getting his financial records from Capital One bank, Deutsche Bank and the accounting firm Mazars USA.So far, trial-level judges 1915

The Federal Reserve is poised to cut interest rates on Wednesday for the first time since the 2008 financial crisis to extend the longest economic expansion in US history.The move would come despite a strong US economy. But some cracks are beginning to show: The global economy is softening, American manufacturing is slowing, and the global trade war isn't helping matters.But a potential rate cut would also follow months of pressure from President Donald Trump, who has broken with his predecessors' practice of walling off the central bank from politics.Jerome Powell, the chairman of the world's most influential central bank, has repeatedly pledged to follow economic data, and policymakers have become increasingly worried that uncertainty, caused in part by the President's trade wars with China and other countries, will hamper global growth and dampen investment."We are carefully monitoring these developments and assessing their implications for the US economic outlook and inflation, and will act as appropriate to sustain the expansion," Powell reiterated in remarks delivered at a French government conference in Paris on July 16.Even before the central bank signaled the possibility last month, investors had already priced in a reduction in the federal funds rate, which influences the cost of mortgages, credits cards and other borrowing. Those expectations piled on additional pressure on the Fed to move at this week's meeting to avoid rattling markets with an abrupt change in course.The Fed chairman has brushed off such pressures -- political or otherwise -- arguing the Fed is "insulated" from such demands as an independent institution outside of the control of the White House and whose decisions are informed by incoming economic data.The Fed last raised rates in December but has backed off plans for further tightening.In June, Powell began to make the case that the Fed, like other central banks, around the world needed to act earlier to get ahead of any economic weakness especially given how low interest rates currently are -- a reversal from his previous stance."If you see weakness, it's better to come in earlier rather than later," Powell said at an appearance before the Council on Foreign Relations in New York. "I think most central banks would want to act preemptively and let a downturn gather steam, in a sense, the thought being an ounce of prevention is worth a pound of cure."That message has been echoed by other top officials, including Federal Reserve Bank President William Dudley.Efforts by the Fed to prevent an economic downturn is unlikely to win a reprieve from the White House. A day before policymakers were set to gather for their two-day interest-setting meeting in Washington this week, Trump chastised the Fed for making "all the wrong moves," adding, "a small rate cut is not enough."Trump has kept up a year-long relentless attacks against the Fed, often lamenting he regrets appointing Powell for the role, and going so far as to threaten to fire him. He's called the central bank his "biggest threat" and accused them of behaving like a "stubborn child" for refusing to cut rates and keeping credit too tight.It will be up to Powell during his now-routine press conference to justify the decision to plow ahead with a rate cut given some prevailing strength in the economy. Since their last meeting in June, the data has consistently surprised to the upside with stronger-than-expected job gains, retail sales and economic growth in the second quarter.Wall Street analysts also suggest Friday's upcoming jobs numbers will also be an important economic milestone that will determine whether a further rate hike may be coming as early as September as some anticipate."Expect an overall strong report, eroding the case for further cuts, but given the strong easing bias of Fed leaders, much depends on exactly how strong the report is and how they adjust their messaging in response," Josh Wright, iCIMS' chief economist and former Fed staffer said. "'One and done' still seems like an economically justifiable outcome." 4095