The US government's cash balance is rising: The Treasury General Account (TGA) is up to ~$1 trillion, the highest since April 2021. The TGA is the US government’s main checking account at the Fed, used to hold and spend federal funds. The TGA balance has risen +$300 billion over the last 3 weeks. This surge was driven by the spring tax season, as US households and businesses paid their annual tax bills over the few weeks leading up to April 15th. In response, the Treasury reduced T-bill issuance by $35 billion last week versus the same period in March, briefly pushing total US federal debt below $39 trillion. However, T-bill issuance will pick up again as the cash flowing into the TGA is set to slow in the following weeks. The US debt crisis is set to reaccelerate.(The Kobeissi Letter)