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EXPLAINER: How ominous is the debt limit problem?
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FILE - Treasury Secretary Janet Yellen speaks with reporters during a visit to the Virginia Innovation Partnership Corporation incubator at the Center for Innovative Technology campus in Herndon, Va., Oct. 21, 2022. Yellen has notified Congress that the U.S. is projected to reach its debt limit on Thursday and will then resort to “extraordinary measures” to avoid default. - photo by AP Photo/Cliff Owen, File
WASHINGTON (AP) — On the brink of hitting the nation's legal borrowing limit on Thursday, the government is resorting to “extraordinary measures” to avoid a default. Sounds ominous, right? But -- take a breath -- the phrase technically refers to a bunch of accounting workarounds.