Debt ceiling: Here's what could happen if lawmakers don't raise the country's borrowing limit

The U.S. on Thursday hit the limit on the amount of debt the federal government can issue to honor its financial obligations, also known as the debt ceiling. The milestone is prompting a slew of warnings from Wall Street analysts and economists about the potential financial fallout if Congress fails to take action.

U.S. Treasury Secretary Janet Yellen said in a January 19 letter to congressional leaders that her agency is taking "extraordinary measures" that will allow the country to avoid an unprecedented default on its debt for at least the next few months.