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Michael Sohn / AP

Treasury Secretary Mnuchin sent Congressional leadership a letter today informing them the Treasury has launched extraordinary measures until Congress raises or suspends the debt limit, making true on his promise from last week. The U.S. reached its debt cap yesterday, and the national debt is currently $19.918 trillion, according to Forbes. So in the meantime, the Treasury is allowed to reorganize its government accounts to reduce intragovernmental debt.

But that can't go on forever: The CBO estimates the measures will be exhausted "sometime in the fall of this year without an increase in the debt limit, though an earlier or later date is possible." Cash inflows from tax season will also sustain the Treasury for a few months, according to the CBO.

Go deeper

Kendall Baker, author of Sports
1 hour ago - Sports

2021 Tokyo Olympics hang in the balance

Illustration: Aïda Amer/Axios

10 months ago, the Tokyo Olympics were postponed. Now, less than six months ahead of their new start date, the dreaded word is being murmured: "canceled."

Driving the news: The Japanese government has privately concluded that the Games will have to be called off, The Times reports (subscription), citing an unnamed senior government source.

Biden's centrist words, liberal actions

Illustration: Sarah Grillo/Axios

President Biden talks like a soothing centrist. He promises to govern like a soothing centrist. But early moves show that he is keeping his promise to advance a liberal agenda.

Why it matters: Never before has a president done more by executive fiat in such a short period of time than Biden. And those specific actions, coupled with a push for a more progressive slate of regulators and advisers, look more like the Biden of the Democratic primary than the unity-and-restraint Biden of the general election.

3 hours ago - Technology

Review of Trump ban marks major turning point for Facebook

Photo Illustration: Aïda Amer/Axios. Photo: Saul Loeb/AFP via Getty Images

Facebook's decision to ask its new independent Oversight Board to review the company's indefinite suspension of former President Trump is likely to set a critical precedent for how the social media giant handles political speech from world leaders.

What they're saying: "I very much hope and can expect … that they will uphold our decision," Facebook's VP of global affairs Nick Clegg tells Axios.