The US government has hit its $31.4 trillion debt limit

The US government has hit its $31.4 trillion debt limit.

Treasury Secretary Janet Yellen informed congressional leaders including House Speaker Kevin McCarthy that her department had begun using extraordinary cash management measures that could stave off default until June 5.

Republicans, with a newly won House majority, aim to use the time until the Treasury's emergency maneuvers are exhausted to exact spending cuts from Biden and the Democratic-led Senate.

"I respectfully urge Congress to act promptly to protect the full faith and credit of the United States," Yellen told congressional leaders in a Thursday letter.

"We're not going to default on the debt. We have the ability to manage servicing and paying our interest. But we similarly should not blindly increase the debt ceiling," Representative Chip Roy, a leading conservative, told Reuters.