Treasury Secretary , Warns US Is on Track , to Hit Debt Ceiling .<br />On January 13, Treasury Secretary Janet Yellen <br />told Congress that the United States <br />would hit the nation's debt limit next week.<br />ABC News reports that the announcement sets up a showdown between Democrats and Republicans who have vowed to <br />couple any increase in the debt ceiling with spending cuts.<br />According to Yellen, on January 19, the U.S. <br />will hit its $31.4 trillion borrowing limit.<br />While Treasury is not currently able <br />to provide an estimate of how long <br />extraordinary measures will enable us <br />to continue to pay the government’s <br />obligations, it is unlikely that cash <br />and extraordinary measures will <br />be exhausted before early June, Janet Yellen, U.S. Treasury Secretary, via ABC News.<br />Yellen reportedly added that the Treasury Department will begin implementing "extraordinary measures" to manage the government's cash flow.<br />ABC News reports that those <br />measures could include cutting <br />investments in some retirement funds.<br />Independent analysts reportedly <br />caution that the U.S. is not likely to hit <br />the debt ceiling until late summer or early fall.<br />In 2011, the U.S. hit the debt <br />ceiling, which ultimately cost <br />the nation its AAA rating
