Cash-strapped Treasury Department sells one-day bills for the first time since 2007
The Treasury Department auctioned $15 billion in one-day cash management bills on Friday as its cash balance remains under pressure.. Bids totaling $61.6 billion were tendered.The auction comes as the Senate passed a debt limit deal late Thursday with President Biden expected to sign it on Friday. That will avert a default with just days to spare as the Treasury Secretary Janet Yellen has said the government was set to run out of cash on Monday without a deal.
According to the latest update, its cash balance was $48.5 billion as of Wednesday, up from a six-year low of $37.4 billion a day earlier but down from One-day securities are highly irregular, with most cash management bills spanning a few days to a year. In 25 years, there have been only six one-day CMB auctions.
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In desperate bid for cash, the Treasury is auctioning one-day bills | CNN BusinessFor the first time since 2007, the Treasury Department is auctioning bills that mature in one day. The department is set to auction $15 billion worth of one-day cash management bills on Friday that will be issued on June 5.
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