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The U.S. will hit the debt limit Jan. 19, Treasury Secretary Janet Yellen has said.

Janet Yellen said the U.S. is projected to reach its roughly $31.4 trillion borrowing limit in less than a week.

She said the Treasury Department will start taking necessary steps to keep paying the country's bills, but without congressional action, the United States could default as soon as June.

"I am writing to inform you that beginning on Thursday, January 19, 2023, the outstanding debt of the United States is projected to reach the statutory limit," Yellen wrote in a letter.

"Once the limit is reached, the Treasury will need to start taking certain extraordinary measures to prevent the United States from defaulting on its obligations," she added.

Congress last raised the debt ceiling in December 2021 to more than $31.3 trillion.