The U.S. is on track to run out of money to pay its bills as early as August without congressional action, Treasury Secretary Scott Bessent warned Friday. “A failure to suspend or increase the debt limit would wreak havoc on our financial system and diminish America's security and global leadership position,

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,

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.