vs Last Month
−$30B
Drawdown as tax outflows lag spending.
Uncle Sam's Checking Account at the Fed
Treasury General Account
$0.620T
−$0.030Tvs. last month
Past 12 months$0.58T – $0.87T
vs Last Year−$0.18T
Working Target~$0.75T
2020 Peak$1.81T
TGA at $0.62T, below the Treasury's typical $0.75T working target. Further bill issuance likely in coming months to refill the account — a mild liquidity headwind.
Historical trend
Weekly balance.
Source: FRED · WTREGEN
The long view
From $30B pre-2008 to $1.81T COVID peak — TGA has become a major macro variable.
Peak $1.81T · Jul 2020
Pre-2008 ~$30B
Today $0.62T
How today stacks up
vs Last Year
−$180B
Below year-ago levels.
5-Year Average
$0.58T
Today is +$40B above the 5-yr mean.
vs Working Target
−$130B
Below Treasury's typical $750B target.
Use this number
Tools for the liquidity-watcher.
About the Treasury General Account (TGA)
The Treasury General Account is the U.S. Treasury's checking account at the Federal Reserve. It's where federal income (taxes, bond issuance proceeds) flows in and federal spending (Social Security, defense, interest payments) flows out. Today's $0.620T means the U.S. government has $620B in cash on hand. The Treasury targets a working balance of $700–$800B in normal times.
Why TGA balance matters
TGA balance has a massive impact on system liquidity. When the Treasury issues bonds and parks cash at the Fed (raising TGA), it pulls reserves out of the banking system. When the Treasury draws down TGA to pay bills (lowering TGA), it injects reserves. Each $100B change in TGA roughly offsets a $100B change in Fed QE/QT — making the Treasury's cash management policy effectively a fourth lever of monetary policy.
Reading today's level
TGA was virtually zero before 2008 ($30B in late 2007). It surged to a record $1.81T in July 2020 when the Treasury borrowed massively for COVID response. The 2025 debt-ceiling episode forced TGA down to $405B by April before refilling to $825B post-resolution. Today's $620B sits below the Treasury's working target — implying further bond issuance is needed in coming months.
Related trackers
Other live numbers that move with — or against — this one.
Frequently asked
What this number means, and what it doesn't.
The Fed is the federal government's bank. When the Treasury borrows via bond auctions or collects taxes, the proceeds flow into TGA. When the Treasury pays bills, cash flows out. Keeping the cash at the Fed (rather than at commercial banks) helps the Fed maintain visibility into total system reserves.
The Treasury preemptively borrowed massive amounts in anticipation of COVID-related spending, before knowing exactly when and how much would be needed. TGA peaked at $1.8T in July 2020 then drew down as stimulus payments and small-business support flowed out.
During debt-ceiling standoffs, the Treasury can't issue new debt, so it pays bills from TGA balance — which drains the account. The 2023 and 2025 episodes both saw TGA plunge to near-zero. Once the ceiling is raised, Treasury issues bonds aggressively to refill TGA.
TGA drawdowns (cash leaving Fed, entering economy) historically support risk-on conditions — equities, credit, and asset prices benefit. TGA refills do the opposite. Hedge funds track TGA closely as a liquidity proxy alongside Fed balance sheet and RRP balances.
Methodology
Source
Pulled from FRED · WTREGEN and cached on the EvvyTools server.
Update schedule
Refreshed automatically by our cron whenever the upstream source publishes a new value. Historical values are not revised after publication.
How we compute
Display value is the raw published number, unrounded. Comparison stats use the closest available reference date. We never edit the underlying data.