Speaker and President are facing a showdown in their first major legislative clash since Republicans took control of the House, as they prepare to do battle over whether or not to increase the country's $31.4 trillion debt limit. Treasury Secretary warned that the US will hit its cap on Thursday, January 19. Once that happens, she will not be able to issue new debt without congressional action. In the meantime, the department will use 'extraordinary measures' to keep the government afloat. Once those funds are exhausted, the US will be at risk of defaulting, unless and the White House agrees to lift the limit on the government's ability to borrow.
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