U.S. Treasury Secretary Janet Yellen said that the government will reach its statutory borrowing limit on Tuesday and begin employing "extraordinary measures" to keep from breaching the cap and risking a potential catastrophic default.

As President-elect Donald Trump prepares to take office, the U.S. government’s fiscal health is bleak, with debt and deficits set to reach record levels.

The Treasury Department has announced sanctions in connection with a massive Chinese hack of American telecommunications companies and a breach of its own computer network.

The Biden administration on Friday announced sanctions on two Chinese entities accused of cyberattacks, including a firm it said is directly involved in the recent espionage campaign against US telecommunications firms and a hacker behind the recent breach of Treasury Department computers.

The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) has imposed sanctions against a Chinese cybersecurity company and a Shanghai-based cyber actor for their alleged links to the Salt Typhoon group and the recent compromise of the federal agency.