The disclosed embodiments provide a system that manages power allocated through a set of bus interfaces on a computer system. During operation, the system obtains a first request for revocable current beyond a reserved current for a first bus interface from the set of bus interfaces, wherein the request is associated with a first device connected to the first bus interface. Next, the system allocates the revocable current to the first bus interface from an extra-current budget for the set of bus interfaces. Upon detecting a connection of a second device that requires non-revocable current over the extra-current budget to a second bus interface from the set of bus interfaces, the system transmits a first notification to the first device to relinquish the revocable current. Finally, the system allocates the non-revocable current to the second device from the relinquished revocable current.