US EditionU.S. Will Hit Debt Ceiling in August
- On Friday, U.S. Treasury Secretary Scott Bessent indicated that without action from Congress, the federal government is expected to reach the debt ceiling by August.
- This situation arose because Congress reinstated the debt limit in January and must raise or suspend it by mid-July to avoid default or fiscal disruptions.
- To delay breaching the limit, the Treasury has used extraordinary measures, including pausing payments into federal pension and disability funds, but these will run out by August.
- In a letter to House Speaker Mike Johnson, Bessent warned that not raising or suspending the debt ceiling in time could severely disrupt the financial system and weaken the nation's security and global leadership, urging prompt congressional action.
- If Congress does not act before the August recess, the government risks default with severe consequences for financial markets, credit costs, and U.S. Global leadership.
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US Could Hit Debt Limit in August, Bessent Says
The federal government is likely to exceed its statutory debt limit in August, when Congress is slated for a recess, according to Treasury Secretary Scott Bessent. The timing of the so-called X date is likely to place added pressure on Congress to pass a much-anticipated sweeping policy bill within the next few weeks, which is expected to provide an increase in the borrowing limit and advance key parts of President Donald Trump’s agenda, includi…
·New York, United States
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