Treasury to Issue $170 Billion in T-Bills Ahead of X-Date Deadline

The Treasury Department plans to issue $170 billion in T-bills around the X-date, which is when the government is expected to run out of cash unless lawmakers raise the debt ceiling. The auctions will settle on June 1, the same day the government's cash balance is expected to dip below $50 billion. If the Treasury's cash runs out before a settled agreement, the US would enter a default, fueling an unprecedented economic crisis that could initiate a global recession.