US Hits Debt Ceiling, Treasury Department Forced to Take Extraordinary Measures

The United States has hit the debt ceiling set by Congress on Thursday, forcing the Treasury Department to start taking extraordinary measures to keep the government paying its bills and escalating pressure on Capitol Hill to avoid a catastrophic default.

This move has sparked a high-stakes fight between lawmakers, with hardline Republicans demanding that lifting the borrowing cap be tied to spending reductions. The White House, on the other hand, has stated that it will not offer any concessions or negotiate on raising the debt ceiling.

Treasury Secretary Janet Yellen has written a letter to House Speaker Kevin McCarthy, informing him that the nation's outstanding debt is at its statutory limit of $31.4 trillion and that the agency will implement extraordinary measures so it doesn't default on its debt, which would have enormous consequences on the US economy, global financial stability and many Americans. She stated that these measures would last through June 5.

This latest development has raised concerns that the partisan brinksmanship could result in the nation defaulting on its debt for the first time ever, or coming dangerously close to doing so. The outcome of this situation will have a significant impact on not only the US economy, but also the global financial stability and the lives of many Americans.