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US to hit $31.4 trillion debt ceiling next week, Biden admin warns while pushing Congress to 'act promptly' to increase or suspend limit

United States Secretary of the Treasury Janet Yellen (Photo by Chip Somodevilla/Getty Images)

On Friday, Treasury Secretary Janet Yellen wrote a letter to congressional leaders warning that the U.S. would hit its debt limit on January 19 and encouraged Congress to "act promptly to protect the full faith and credit of the United States," CNBC reported.

Yellen sent the letter to House Speaker Kevin McCarthy (R-Calif.), House Minority Leader Hakeem Jeffries (D-N.Y.), Senate Majority Leader Chuck Schumer (D-N.Y.), and Senate Minority Leader Mitch McConnell (R-Ky.).

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