HARRISBURG, Pa. (WHTM) – The United States officially hit its debt limit set by Congress of $31.4 trillion, prompting the Treasury Department to take “extraordinary measures” to keep the government paying its bills.

“What the U.S. government has consistently done in the past is they just raise their limit,” Alex Langan, Chief Financial Officer at Langan Financial Group said. “If you’re limit is $10,000, they go ahead and request a [higher] limit and then they don’t have to worry about it.”

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But so far, Congress has failed to reach an agreement on raising the debt ceiling.

“Right now, they’re playing a game of chicken,” Langan said. “The Democrats are saying ‘you just raised the debt ceiling, we’re not worrying about spending,’ and then there’s a small group of Republicans that are saying ‘we need some fiscal austerity, we need to rein in some of the spending.'”

If the borrowing limit is not raised by June, which is how long the Treasury Department said it can continue implementing “extraordinary measures,” the U.S. would default on its debt. That, in turn, would wreak havoc on the economy.

“It would not be good in the least bit,” Langan said. “What initially happens is that U.S. government bonds would significantly decrease in value. We already experienced that last year because of rising rates, however, now it would occur because we can no longer believe that the U.S. government will pay their debts.”

According to the White House, a default would “fundamentally hinder the federal government from serving the American people.”

Langan, alongside a variety of financial experts, doesn’t believe the U.S. will default on its loans.

“But it could get down to the wire and definitely see some extreme volatility in the government bond market, as well as the stock market,” Langan said.