
The US Treasury Department has burned through cash at a historic rate in the last month - an alarming signal that may require lawmakers to intervene to prevent the country from defaulting on the national debt. The current crisis has occurred because that same Biden-McCarthy deal from 2023 made it so a debt ceiling of $36.1 trillion would be reinstated on January 2, 2025. Since the US national debt is currently at $36.6 trillion, higher than the limit, the government has been forced to draw down on the cash still available in the account.