US could face default by August – Treasury chief

Scott Bessent has urged Congress to raise or suspend the debt ceiling to avoid running out of money to cover federal expenses

The US could default on its obligations by the end of summer, Treasury Secretary Scott Bessent has warned. In a letter to Congress on Friday, he urged lawmakers to act by either raising or suspending the debt ceiling – a cap on how much the government can borrow – to avoid running out of money to cover federal expenses.