The United States government has hit its debt limit, and the Department of the Treasury has begun using “extraordinary measures” to continue paying its bills, Treasury Secretary Janet Yellen told congressional leaders.The government has a cap of $31.4 trillion on how much it can borrow, and it reached that limit on Thursday.Yellen said in a letter to House of Representatives Speaker Kevin McCarthy and other congressional leaders that she plans to temporarily suspend investments in retirement funds for government employees to keep paying the bills of the government of the world’s largest economy. She also urged Congress to suspend or raise the debt ceiling to avoid a default.
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