U.S. Treasury Secretary Janet Yellen said Friday that the United States will likely hit the $31.4 trillion statutory debt limit next Thursday, forcing the Treasury to launch extraordinary cash management measures that can likely prevent default until early June.
"Once the limit is reached, Treasury will need to start taking certain extraordinary measures to prevent the United States from defaulting on its obligations," Yellen said in a letter to new Republican House of Representatives Speaker Kevin McCarthy and other congressional leaders.
She urged the lawmakers to act quickly to raise the debt ceiling to "protect the full faith and credit" of the United States.