Bernard Arnault, Elon Musk, and Jeff Bezos are pictured in file images. (Credit: NICHOLAS KAMM/AFP, Taylor Hill, Samir Hussein/WireImage via Getty Images) As U.S.
lawmakers work to pass the debt ceiling and budget deal negotiated in recent weeks to lift the nation’s borrowing limit and prevent a default, cash levels in the U.S.
Treasury continue to drop.Data posted on the department’s website shows that its cash balance fell to $38.8 billion at the close of business on May 25, which is down from the $316 billion in operating cash that the department had at the start of the month.
The U.S. Treasury maintains its cash in an account at the Federal Reserve Bank of New York.President Biden said the debt ceiling deal made with Speaker McCarthy (R-CA) is ready to move to Congress.