The Treasury's Debt Ceiling Debacle

The Treasury has their general account. Think of it as the government's checking account. It had about $500 billion in it, you know, late last year. As they were running it down, they were running down their debt ceiling. That money was being shoved back into the financial system. And now at the beginning of the month, we raised the debt ceiling or we suspended it to January 1st, 2025. So now the Treasury is free to now refill its checking account, got down the $23 billion.