The U.S. Treasury Department’s bank account keeps dwindling.
According to the latest Daily Treasury Statement (DTS), the Treasury General Account (TGA) Opening Balance for May 19 was $57.341 trillion, down from $68.332 billion on May 18.
Remember, the cash balance at the beginning of the month was a little more than $316 billion.
Fun times indeed.
Meanwhile, it looks a debt ceiling deal is still out of reach, despite President Joe Biden and House Speaker Kevin McCarthy holding a meeting on May 22.
From CNBC:
WASHINGTON — House Speaker Kevin McCarthy said he had a “productive” and “professional” meeting with President Joe Biden on how to raise the debt ceiling, but that the two did not reach a deal Monday.
“I think the tone tonight was better than any other night we’ve had discussions,” McCarthy said outside the West Wing following the hourlong meeting.
The meeting was also helpful to the negotiating teams who are hammering out the complex deal. “It told us in the negotiating team a little more of the details we need to get to a package that can pass Congress,” said GOP Rep. Patrick McHenry, N.C., who is negotiating on McCarthy’s behalf.
“To hear the speaker and the president air their views directly with one another, no acrimony, it was productive and it was a meaningful discussion and helpful to us getting a construct that can protect everyone’s equities,” McHenry said.
McCarthy said that both teams were going to “come back together and work through the night” on a compromise deal. “The president and I know the deadline, so I think we’re going to talk every day … until we get this done.”
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