The U.S. government is set to reach its statutory debt limit on Thursday, prompting the Treasury Department to take “extraordinary measures” to pay the bills. Treasury Secretary Janet Yellen has warned that failure to meet the government’s obligations would cause irreparable harm to the U.S. economy, and it is now up to Congress to act in a timely manner to increase or suspend the debt limit in order to prevent default. The current debt limit showdown could define the tenure of the new GOP majority and the final two years of President Joe Biden’s term.
