First the good news: now that Yellen's parting gift has arrived, and the US hit its debt ceiling (on the day Trump was inaugurated) until such time as said ceiling is lifted again some time in the late summer which it will be as the alternative is default, total US debt will remain unchanged for as much as 5 or 6 months as the Treasury drains down its cash balance which at last check was around $670BN and will gradually drop to zero over the next few months.
The bad news, of course, is that this is all just optics. Total US debt will continue accumulating in arrears, and one lovely summer day in July, US debt will surge by as much as $2 trillion as it catches up to where it otherwise would have been had the US not hit its debt ceiling.
