JPMorgan said that the election results reduced the risk of intense debates on the US debt ceiling in the first half of 2025 and eased the uncertainty surrounding the evolution of the Department of the Treasury's general account (TGA). The debt ceiling has been suspended until January 1, 2025, after which the Treasury will begin using unconventional measures and its cash balance to meet its debt obligations. JPMorgan believes that assuming the Treasury's forecast for the TGA in the fourth quarter of 2024 is $700 billion and with a slight increase in unconventional measures, the Treasury is unlikely to exhaust its resources before July 2025 and face the risk of a technical default.