US EditionUS Treasury secretary urges Congress to raise debt limit by mid-July
- Treasury Secretary Scott Bessent warned Congress on May 9, 2025, to raise or suspend the U.S. Debt ceiling by mid-July to avoid running out of money.
- This warning follows a Bipartisan Policy Center analysis estimating the U.S. Could exhaust cash by mid-July without congressional action and continuing resistance from Republicans to raise the limit.
- Bessent informed House Speaker Mike Johnson that the Treasury is employing temporary financial tactics to avoid exceeding the debt ceiling and noted that recent tax revenues contributed to setting the August "X-date."
- He cautioned that failing to address the debt limit promptly could severely disrupt the financial markets and undermine the United States’ security and standing on the world stage, urging Congress to reach an agreement without delay.
- The request may encourage GOP lawmakers to support raising the debt limit as part of ongoing discussions surrounding a legislative deal that combines border security funding with significant tax reductions.
145 Articles
145 Articles
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,…
Treasury advises Congress must deal with debt limit before August or face default • West Virginia Watch
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…
August default looms without debt limit action, Treasury Department warns
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…
Bessent says debt limit measures could run out in August
Treasury Secretary Scott Bessent told US lawmakers that his department’s ability to use special accounting maneuvers to stay within the federal debt limit could be exhausted in August. Bessent, in a letter to House Speaker Mike Johnson, said that “after reviewing receipts from 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 Congr…
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