A key deadline for the government's borrowing limit is rapidly approaching, but lawmakers may not have to deal with it until the summertime.

The new cohort of lawmakers could agree to once again suspend it. They could also get rid of the national debt cap altogether.

The Treasury Secretary said that officials will soon have to start taking extraordinary measures to avert such a default, which analysts have warned — on the multiple prior occasions the US has neared its debt ceiling — could throw the global economy into turmoil.

A limit on borrowing by the U.S. government was reinstated on Thursday, a fresh headache for fixed-income investors ahead of the start of the second Trump administration.

As global markets experience a mixed bag of economic indicators, with U.S. consumer confidence dipping and European stocks seeing modest gains, investors are navigating an environment marked by cautious optimism and potential volatility.