# Treasury General Account | PIER20 benchmarks

How large is the Treasury's operating cash balance at the Federal Reserve?

The Treasury General Account is the U.S. government's operating cash balance at the Federal Reserve, through which all tax receipts and spending flow. This page tracks its daily closing balance (in $bn) against the all-time low in the sample. The TGA is a policy lever: the Treasury manages its size around debt-ceiling deadlines and quarterly tax dates. A rising TGA drains banking-system reserves. A falling TGA injects them. 

As of **6 Aug 2026**, the latest readings are TGA closing balance at **961.73 $bn** and All-time low at **22.89 $bn**. The TGA closing balance line is up 107.1% over the past year and above its long-run median of 725.03 $bn.

## Summary statistics (full history)

| Series | First | Latest | Min | Max |
|---|---|---|---|---|
| TGA closing balance | 841.25 | 961.73 | 22.89 | 1038.04 |
| All-time low | 22.89 | 22.89 | 22.89 | 22.89 |

## Last 24 readings

| Date | TGA closing balance | All-time low |
|---|---|---|
| Jul 2026 | 783.11 | 22.89 |
| Jul 2026 | 784.96 | 22.89 |
| Jul 2026 | 749.24 | 22.89 |
| Jul 2026 | 744.64 | 22.89 |
| Jul 2026 | 738.27 | 22.89 |
| Jul 2026 | 750.28 | 22.89 |
| Jul 2026 | 787.81 | 22.89 |
| Jul 2026 | 795.98 | 22.89 |
| Jul 2026 | 822.51 | 22.89 |
| Jul 2026 | 815.42 | 22.89 |
| Jul 2026 | 828.20 | 22.89 |
| Jul 2026 | 874.98 | 22.89 |
| Jul 2026 | 835.42 | 22.89 |
| Jul 2026 | 877.20 | 22.89 |
| Jul 2026 | 886.30 | 22.89 |
| Jul 2026 | 902.75 | 22.89 |
| Jul 2026 | 966.14 | 22.89 |
| Jul 2026 | 970.44 | 22.89 |
| Jul 2026 | 997.95 | 22.89 |
| Jul 2026 | 876.57 | 22.89 |
| Aug 2026 | 870.08 | 22.89 |
| Aug 2026 | 924.22 | 22.89 |
| Aug 2026 | 929.33 | 22.89 |
| Aug 2026 | 961.73 | 22.89 |

## How to read this benchmark

**What a high or low balance means.** A high TGA means the Treasury holds large reserves at the Fed. A drain on private-sector liquidity. A low balance means the cash buffer is thin, often ahead of a borrowing announcement or a debt-ceiling negotiation. Balances peak around quarterly tax dates and trough between them as spending outruns receipts. 

**Why the all-time low as the reference.** The TGA does not follow a weather-style seasonal band. It moves on the fiscal calendar. Tax dates, debt issuance and outlays create regular within-year swings, but they are policy-timed rather than seasonal averages. The all-time low marks the smallest cash buffer in this sample, and the distance from it measures how far the buffer sits above that floor. 

**Limitations.** Because close(D) is taken from the next day's open, the series lags Fiscal Data's latest Opening Balance by one business day. Intraday swings are not captured. Treat the chart as context for Treasury cash management, not investment advice. 

## How this benchmark is used

**Treasury cash-management tracking.** The Treasury ran the TGA near zero in 2022-23 before the debt-ceiling suspension, then rebuilt it rapidly. The level versus its historical range signals the Treasury's next move weeks ahead of debt-management announcements. 

## Frequently asked questions

**What is the current treasury General Account?**

As of 6 Aug 2026, the latest readings are TGA closing balance at 961.73 $bn and All-time low at 22.89 $bn. The TGA closing balance line is up 107.1% over the past year and above its long-run median of 725.03 $bn.

**How often is this benchmark updated?**

This benchmark is built on daily data. The page is refreshed when the source publishes new observations; the freshness block below the chart shows the exact data-through date and when PIER20 last fetched the file.

**What data sources does this chart use?**

The chart is built from TGA closing balance and All-time low, sourced from the U.S. Department of the Treasury, Fiscal Data.

**How is this different from the cash injection/drain page?**

This page shows the LEVEL. The stock. The injection page shows the FLOW. Daily deposits and withdrawals that move the balance. 

**Why is the latest close one day behind Fiscal Data's open?**

Modern DTS Table I publishes the TGA Opening Balance each day. This page defines close(D) as open(D+1), so the newest open becomes yesterday's close once it appears. 

## Methodology

- Formula: TGA close(D) = opening balance at D+1, in $bn
- Frequency: Daily
- Sources: TGA closing balance (tga-close) https://fiscaldata.treasury.gov/datasets/daily-treasury-statement/dts-table-i-operating-cash-balance/; All-time low (tga-close#rangeLow) https://fiscaldata.treasury.gov/datasets/daily-treasury-statement/dts-table-i-operating-cash-balance/. Data via the U.S. Department of the Treasury, Fiscal Data.
- Data through: 6 Aug 2026
- Last refreshed: 11 Aug 2026

Full interactive chart: https://pier20.com/benchmarks/treasury-general-account
Disclaimer: research software output, not investment advice.