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,

WASHINGTON (AP) — 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. He is calling on Congress to either raise or suspend the debt ceiling by mid-July.

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.