In an interview with Reuters, Yellen said the Treasury is still on track to end July with a previously estimated $450 billion cash balance, well below last Friday's level of $718 billion.
The last debt limit fight started when Congress allowed a suspension to lapse on March 1, 2019, when the U.S. Treasury had a cash balance of $201.5 billion. These measures allow the Treasury to conserve headroom under the debt limit to continue borrowing. They range from halting issuance of special securities to state and local governments to suspending the daily reinvestment of Treasury securities held by a government employee retirement fund and the Treasury's Exchange Stabilization Fund.
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