BREAKING: U.S. begins ‘extraordinary’ steps to avoid debt ceiling

The Biden administration began “extraordinary measures” Thursday to prevent the federal government from breaching its debt limit and hurtling toward default, a grim scenario with the potential to destabilize markets and devastate the economy.

Treasury Secretary Janet L. Yellen told lawmakers that officials will alter certain federal investments to preserve the nation’s credit until summer — largely through technical moves that will buy lawmakers time to pass legislation that raises or suspends the amount the government is allowed to borrow, currently capped at $31.4 trillion.