Yellen informs Congress that the US will reach its debt limit on Thursday

Treasury Secretary Janet Yellen has notified Congress that the U.S. is projected to reach its debt limit on Thursday and will then resort to “extraordinary measures” to avoid default. These measures include delaying payments to allow for more money to be made on other essential payments, such as those for Social Security or debt instruments. Yellen said Friday that while her department can’t estimate how long extraordinary measures will allow the U.S. to continue to pay the government’s obligations, “it is unlikely that cash and extraordinary measures will be exhausted before early June.”