The US government's accounts are low on cash; President Biden "feels very good" about the outlook

The US Treasury 's cash balance is falling to dangerously low levels as Washington waits until the last minute to raise the debt ceiling.

US President Joe Biden and House Speaker Kevin McCarthy have reached a bipartisan agreement to prevent the US from defaulting on its debt. (Source: Twitter)

CNN cited the latest federal data, saying that as of the close of business on May 25, the US Treasury had only $38.8 billion in cash, down from more than $200 billion at the beginning of this month and near the minimum level of $30 billion.

According to the Bloomberg Billionaires Index, there are 31 billionaires with assets greater than the US government 's $38.8 billion.

Billionaire Arnault - Chairman of luxury goods maker LVMH - has an estimated net worth of about $193 billion.

Or Tesla billionaire Elon Musk has a net worth of $185 billion and Amazon founder Jeff Bezos has a net worth of $144 billion.

* On May 29, US President Joe Biden said he felt there was a good chance that Congress would pass the debt ceiling agreement he had reached with House Speaker Kevin McCarthy.

"I feel very good. We'll see when the voting starts," the US president said.

Mr Biden also dismissed Republican concerns about defence spending, saying the spending could be allocated if more money was needed in the area.

Details of the deal will be presented to lawmakers for a vote this week.

The US President and House Speaker Kevin McCarthy have reached a bipartisan deal to prevent the US from defaulting on its debt.

US Treasury Secretary Janet Yellen warned that if Congress does not raise the debt ceiling before June 5, the government will not have enough money to fully and timely pay all of the nation's obligations.

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