The US Treasury grapples with dwindling cash reserves, teetering on the brink of a debt crisis as tax day’s boost fades into obscurity. With just $45 billion remaining before hitting the theoretical limit, the nation faces an imminent surge in national debt, signaling turbulent times ahead for the economy.
- April’s tax day influx of $250 billion provided temporary relief, swelling government bank accounts to $795 billion.
- Treasury Secretary Janet Yellen aims to maintain at least $750 billion for essential expenses but faces dwindling cash reserves.
- With just $45 billion left before hitting the theoretical limit, the nation braces for a rapid escalation of the national debt, forecasted to surge at $1 trillion every 100 days from June onwards.
The US Treasury got a bit of a cash boost in April on tax day. About +$250 billion.
Janet Yellen tries to keep at least $750 billion in govt bank accounts to pay the bills. Currently at $795 billion after the April boost.
The US national debt should start increasing in June at… https://t.co/9ny55XMu6M
— Wall Street Mav (@WallStreetMav) May 13, 2024