By David Morgan WASHINGTON (Reuters) – The U.S. government was due to hit its $31.4 trillion borrowing limit on Thursday, amid a standoff between the Republican-controlled House of Representatives and President Joe Biden’s Democrats that could lead to a fiscal crisis in a few months. Republicans, with a newly won House majority, aim to use the congressionally mandated federal debt ceiling to exact spending cuts from Biden and the Democratic-led Senate. Thursday’s deadline will have little immediate effect, because Treasury officials are prepared to begin employing emergency cash management mea…