The Treasury Department plans to issue $170 billion in T-bills right around the X-date as its cash balance shrinks further
The Treasury Department plans to issue about $170 billion in bills just before the government is expected to run out of cash unless lawmakers raise the debt ceiling.
On Tuesday, the Treasury will auction $119 billion worth of three-month and six-month bills, with sales resolving two days later on June 1. It will also issue a $50 billion six-month bill for cash management that will settle on June 1 as well. Fears of a default have eased as lawmakers indicated they are close to a deal to lift the debt ceiling. But key conservatives remain wary, and with the deadline just days away there is little margin for error.
Treasury Secretary Janet Yellen said Friday that the government will run out of money on June 5 if the debt limit isn't raised. Earlier, she said the so-called X-date could come as soon as June 1. The planned auction next week of $170 billion in T-bills suggested that the Treasury still has some wiggle room left under its"extraordinary measures."
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