US EditionUS Treasury secretary urges Congress to raise debt limit by mid-July
- Treasury Secretary Scott Bessent warned on May 9, 2025, that the U.S. Risks running out of money to pay bills by August without congressional action to raise or suspend the debt limit.
- This warning follows the debt limit’s reinstatement in January and ongoing extraordinary measures at the Treasury to avoid breaching the ceiling, which inform the August 'X-date' projection.
- Treasury Secretary Scott Bessent urged congressional leadership to take action by mid-July to address the debt ceiling, warning that delays could harm financial markets, businesses, and government operations.
- A Bipartisan Policy Center estimate projects the U.S. Could exhaust cash by mid-July without a debt limit increase, while Bessent said extraordinary measures would last through late June.
- According to Bessent and President Trump’s December statement, failing to increase or pause the federal borrowing limit could lead to major financial instability and weaken the United States’ position in global leadership and national security.
211 Articles
211 Articles
Treasury advises Congress must deal with debt limit before August or face default - Maryland Matters
Treasury Secretary Scott Bessent prepares to testify before the Senate Finance Committee during his confirmation hearing in the Dirksen Senate Office Building on Capitol Hill on Jan. 16, 2025, in Washington, D.C. (Photo by Chip Somodevilla/Getty Images)WASHINGTON — The Treasury Department announced Friday that Congress must address the debt limit before August, setting a firm deadline for Republicans to wrap up work on the “big, beautiful bill…
Missouri Independent
Treasury advises Congress must deal with debt limit before August or face default
Treasury Secretary Scott Bessent prepares to testify before the Senate Finance Committee during his confirmation hearing in the Dirksen Senate Office Building on Capitol Hill on Jan. 16, 2025, in Washington, D.C. (Photo by Chip Somodevilla/Getty Images)WASHINGTON — The Treasury Department announced Friday that Congress must address the debt limit before August, setting a firm deadline for Republicans to wrap up work on the “big, beautiful bill…
Treasury Urges Congress to Raise Debt Ceiling by Mid-July
Treasury Secretary Scott Bessent on Friday urged Congress to raise the debt ceiling by mid-July “to protect the full faith and credit of the United States.” “After receiving receipts for the recent April tax filing season, there is a reasonable probability that the federal government’s cash and extraordinary measures will be exhausted in August while Congress is scheduled to be in recess,” Bessent wrote in a letter to House Speaker Mike Johnson,…
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