National Debt — Live Treasury Data
Federal Spending Breakdown (FY2025 Est.)
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Net Liquidity Formula
Fed BS − TGA − RRP = Net Liquidity
Fed BS
—
TGA
Live →
RRP
Live →
Net Liq
/liquidity
Net liquidity measures the effective amount of money available in the financial system. When the Fed shrinks its balance sheet (QT) or the Treasury builds its cash pile (TGA), liquidity decreases. When the RRP facility drains, that cash re-enters the system.
Daily Fiscal Briefing
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Event Feed
Treasury auctions $58B in 3-month bills
Bid-to-cover 2.89x; high rate 4.235%. Strong indirect demand at 62.3%.
Daily Treasury Statement published
Operating cash balance: $782B. Net change: +$23B from tax receipts.
Fed H.4.1 release: balance sheet at $6.82T
QT continues at ~$60B/month pace. MBS runoff below cap.
February CPI: 2.8% YoY (vs 2.9% est.)
Core CPI at 3.1% YoY. Shelter inflation moderating at +4.6%.
Monthly Treasury Statement: February deficit -$307B
Receipts $271B (-4% YoY). Outlays $578B (+8% YoY). Interest: $76B.
Treasury announces April-June borrowing estimate: $847B
Net marketable borrowing revised up $52B from January estimate.
FOMC minutes: Committee sees risks as 'roughly balanced'
Markets pricing 2 cuts in 2026. Dot plot median unchanged at 3.9%.
Source Confidence
U.S. Treasury — Debt to the Penny
National debt, composition
Federal Reserve FRED
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Treasury FiscalData API
TGA, receipts, outlays, spending
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Congressional Budget Office
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