The US government is running out of cash.

According to Bloomberg news agency, as of May 18, the US government had only 57.3 billion USD left - the lowest level since the end of 2021. Meanwhile, negotiations between the White House and the Republican Party have not made any new progress.

The US government has the least cash on hand since 2021. (Source: Getty Images)

The US government's cash balance is under pressure due to Treasury Department measures to avoid exceeding the $31.4 trillion debt ceiling.

Meanwhile, as of May 17, the US Treasury had only $92 billion left in special measures to help the government pay its debts. This figure is up from about $88 billion on May 10 but is still only equivalent to more than a quarter of the $333 billion package.

The package includes extraordinary measures - such as the right to continue selling debt - to help the Treasury keep turning over money.

House Speaker Kevin McCarthy said on May 22 that his first private meeting with President Joe Biden in months was constructive but no agreement was reached.

In a statement to reporters, Mr. McCarthy said that negotiators will continue to work to narrow the differences and that he and President Biden will negotiate daily to seek a solution for an agreement.

The US House Speaker is optimistic that progress will be made, as both sides have a big responsibility in breaking the deadlock.

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