The Elusive X-Date: Decoding the US Debt Ceiling Deadline

The Treasury Department will proceed with auctions for certain short-term Treasury bills next week, which some observers interpret as a sign that lawmakers may have additional time beyond the June 1 deadline to finalize a deal to raise the debt limit and avoid a catastrophic default. Treasury Secretary Janet Yellen has warned that the Treasury will likely exhaust its "extraordinary measures" in the first half of June. Congress is racing to finalize a deal to raise the U.S. debt limit and avert a default that could arrive as early as June 1 and hurt the economy.