WASHINGTON, D.C.(WNAX)- The US Treasury is warning that the federal government may hit the debt ceiling of just over thirty one trillion dollars by early this summer.

That means the government could default on interest payments.

South Dakota Senator John Thune says there are options available to Congress and the Biden Administration.

Thune says the President needs to be involved in negotiations.

Thune says talks should start soon.

Economists warn that a debt default could lead to sharp job losses and a sharp spike in interest rates.