Bessent urges Congress to act on debt limit by mid-July

Treasury Secretary Scott Bessent called on Congress Friday to raise the nation’s debt ceiling by mid-July to keep the federal government from defaulting on its more than $36 trillion debt.

In a letter to Speaker Mike Johnson (R-La.), Bessent said there is “reasonable probability” that the government’s “cash and extraordinary measures will be exhausted in August while Congress is scheduled to be in recess.”

“Therefore, I respectfully urge Congress to increase or suspend the debt limit by mid-July...