US Debt Ceiling: August Deadline Looms | JQJO

Treasury Secretary Scott Bessent warned Congress that the U.S. might exhaust its borrowing authority by August, urging them to raise the debt ceiling by mid-July to prevent an economic crisis. Bessent cited uncertainty in the exact date but stressed the urgency given Congress's upcoming August recess. Republicans, while planning to increase the debt ceiling as part of a broader bill, face internal divisions and an uncertain timeline. Failure to act could trigger a financial crisis and damage America's global standing.