US could hit its debt limit by mid-January

Treasury Secretary Janet Yellen informed lawmakers that the U.S. is expected to hit its debt limit by mid-January. Extraordinary measures may be needed to keep the government running, but these are temporary. If the debt ceiling isn't raised, the government risks defaulting. The current debt ceiling is $36.1 trillion. Recently, Congress passed a bill to fund the government until mid-March, preventing a shutdown. President-elect Donald Trump has urged Congress to raise or suspend the debt limit.

What is the expected timeframe for the U.S. to reach its debt limit, according to Janet Yellen?

• Early February

• Late January

• Mid January

• Early January

What might the Treasury need to do to keep the government operating once the debt limit is reached?

• Take extraordinary measures

• Cut government spending

• Borrow more money

• Increase taxes

What is the risk if the government cannot agree on lifting the borrowing limit?

• Defaulting on debt

• Economic recession

• Government shutdown

• Inflation increase

What is the current debt ceiling of the United States?

• $38.5 trillion

• $37 trillion

• $36.1 trillion

• $35 trillion

What action did President-elect Donald Trump suggest regarding the debt limit?

• Lower the debt limit

• Maintain the current limit

• Eliminate the debt limit

• Raise or suspend the debt limit