U.S. Treasury Secretary Janet Yellen announced an additional “extraordinary" measure to buy time for government leaders to raise the nation's debt limit.

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The Treasury Department says it has started taking “extraordinary measures” as the government has brushed up against its legal borrowing capacity.

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

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The Senate approved legislation Tuesday to lift the nation's debt limit by $2.5 trillion under a deal struck between party leaders.

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The Senate has dodged a U.S. debt disaster, voting to extend the government’s borrowing authority into December and temporarily avert an unprecedented federal default.

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Senate Majority Leader Chuck Schumer said an agreement has been reached with Republicans to extend the government’s borrowing authority into December, temporarily averting a debt crisis.

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Senate Republican leader Mitch McConnell told Democrats he would allow an emergency debt limit extension into December, offering a potential path to avoid a federal default.

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Treasury Secretary Janet Yellen said Oct. 18 remains the date she is likely to run out of resources to stave off an unprecedented default on the nation's debt.

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President Joe Biden told GOP senators to “get out of the way” and let Democrats suspend the nation’s debt limit on their own, hoping to prevent a credit default.

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The White House is warning state and local governments about severe cuts to various programs if Congress fails to raise the U.S. debt limit.

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