Treasury Secretary Janet Yellen warned Congress on Friday that the U.S. will hit its debt limit unless the government takes "extraordinary measures" to avoid default. The notification likely means the debt ceiling fight will happen in the early months of ...

Treasury Secretary Janet Yellen said her department is likely to begin taking special accounting maneuvers sometime in mid-January to avoid breaching the US debt limit, and urged lawmakers to take action defending the “full faith and credit” of the US.

Yellen, in a letter to House and Senate leaders, noted that the nation’s debt ceiling — the total amount of money the federal government is authorized to borrow to pay for obligations such as Social Security and Medicare benefits — was suspended in June 2023 but will once again be in effect on Jan. 1.