Lawmakers have until August to address the debt ceiling or the US could default on its obligations for the first time ever, Treasury Secretary Scott Bessent wrote to congressional leaders Friday, urging them to act even sooner,

Treasury Secretary Scott Bessent called on Congress to increase or suspend the debt ceiling in a letter to members of Congress, predicting it would be reached in August. Bessent said that based on current calculations,

U.S. Treasury Secretary Scott Bessent on Friday urged Congress to raise the federal government's debt limit by mid-July to avoid a default that would upend global markets.