U.S. could face default by August if Congress doesn’t address debt ceiling, Bessent says

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U.S. could face default by August if Congress doesn’t address debt ceiling, Bessent says

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07:01

Washington — Treasury Secretary Scott Bessent told congressional leaders Friday that the federal government could be unable to pay its bills as soon as August if Congress doesn’t act, urging lawmakers to address the debt limit by mid July.

The so-called “X-date” marks when the government could run out of borrowing power and face an unprecedented default without action from Congress to address the debt limit, which caps how much the Treasury can borrow to pay the government’s obligations. The announcement comes as lawmakers are pursuing a massive legislative package to enact President Trump’s agenda while addressing the debt ceiling. 

This is a breaking news story and will be updated. 

Kaia Hubbard

Kaia Hubbard is a politics reporter for CBS News Digital, based in Washington, D.C.

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