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The U.S. on Feb. 24 imposed sanctions on dozens of people and oil tankers across China, the United Arab Emirates, India and other jurisdictions for allegedly helping to finance Iran.

The department has in the past deployed what are known as “extraordinary measures” or accounting maneuvers to keep the government operating.

Lutnick is a co-chair of Trump’s transition team, along with Linda McMahon, the former wrestling executive who previously led Trump’s Small Business Administration.

WASHINGTON — The Biden administration is forecasting that this year’s budget deficit will be nearly $400 billion lower than it estimated back in March, due in part to stronger than expected revenues, reduced spending and an economy that has recovered all of the jobs lost during the multiyear pandemic.