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.

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.

U.S. Treasury Secretary Janet Yellen is warning that the government will reach its debt limit on Tuesday and will need to take “extraordinary measures” to avoid risking a potentially catastrophic default.