TGA Drawdown, July Tax Record, Reverse Repo and Debt Ceiling

The Treasury General Account has finally gotten back down to its pre-covid levels, which is where the treasury had targeted at the beginning of the year. The problem is the Federal Government cannot issue any new debt until the debt ceiling is either suspended or raised, and so the TGA may go all the way to zero. But record tax inflows are assisting with delaying this, potentially longer than expected.