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The general account size of the U.S. Department of the Treasury has risen to approximately $1 trillion, reaching a new high since April 2021.
Golden Finance reports that on May 3rd, according to The Kobeissi Letter, the U.S. government’s cash balance continues to rise: the U.S. Treasury General Account (TGA) has increased to approximately $1 trillion, reaching a new high since April 2021. The TGA is the main checking account the U.S. government holds at the Federal Reserve, used for storing and disbursing federal fiscal funds. Over the past three weeks, the TGA balance has increased by $300 billion.
This surge in balance is mainly driven by the spring tax season, as U.S. residents and businesses made concentrated payments of annual taxes in the weeks before April 15. As a result, the U.S. Treasury issued $35 billion less in short-term government bonds last week compared to the same period in March, temporarily causing the total U.S. federal debt to dip below $39 trillion.
However, as fiscal inflows into the TGA slow in the coming weeks, the issuance of short-term government bonds is expected to increase again. The momentum of U.S. debt expansion may accelerate once more.