Treasury Urges Congress to Raise Debt Ceiling by Mid-July

Treasury Secretary Scott Bessent on Friday urged Congress to raise the debt ceiling by mid-July “to protect the full faith and credit of the United States.”

“After receiving receipts for the recent April tax filing season, there is a reasonable probability that the federal government’s cash and extraordinary measures will be exhausted in August while Congress is scheduled to be in recess,” Bessent wrote in a letter to House Speaker Mike Johnson, R-La.

“Therefore, I respectfully urge Congress to increase or suspend the debt limit by mid-July, before its scheduled break, to protect the full faith and credit of the United States.”