Treasury Secretary Warns Congress US Will Hit Debt Ceiling Within a Week

U.S. Treasury Secretary Janet Yellen is seated to testify before a Senate Finance Committee hearing on President Biden's 2023 budget, on Capitol Hill in Washington, on June 7, 2022. Evelyn Hockstein/Reuters

Treasury Security Janet Yellen warned the United States is projected to hit its $31.4 trillion debt borrowing limit by next week, according to a letter she sent to congressional leaders on Friday.

In a letter (pdf) to House Speaker Kevin McCarthy (R-Calif.), Yellen wrote that according to projections, the country will hit the debt ceiling by Jan. 19. If that deadline passes without Congressional action to raise the borrowing limit, the Treasury would have to take “certain extraordinary measures” to avoid a default on its obligations.