Yellen tells Congress US expected to hit debt limit Thursday

Treasury Secretary Janet Yellen notified Congress on Friday that the U.S. is projected to reach its debt limit on Thursday and will then resort to “extraordinary measures” to avoid default.

In a letter to House and Senate leaders, Yellen said her actions will buy time until Congress can pass legislation that will either raise the nation’s $31.4 trillion borrowing authority or suspend it again for a period of time— but said it’s “critical that Congress act in a timely manner.”

“Failure to meet the government’s obligations would cause irreparable harm...