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Al Jazeera
Al Jazeera
Business

US starts using extraordinary measures to avoid default

Janet Yellen Joe Biden US Treasury
The US Treasury began a 'debt issuance suspension period' to last through June 5 that suspends investments in government employees retirement funds to avoid a default [File: Andrew Kelly/Reuters]

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.

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