Reported about 5 hours ago
Treasury Secretary Scott Bessent has warned that the U.S. could run out of funds to meet its obligations by August unless Congress raises or suspends the debt ceiling by mid-July. In a letter to House Speaker Mike Johnson, Bessent emphasized the potential financial chaos that failing to act could entail, citing previous instances where delays harmed financial markets and government operations. He noted that extraordinary measures are being taken to prevent reaching the debt ceiling, but warned that the deadline, known as the 'X-date', is rapidly approaching due to recent tax collection results.
Source: YAHOO