Source link : https://las-vegas.news/bessent-urges-congress-to-behave-on-debt-restrict-by-mid-july/
Treasury Secretary Scott Bessent on Friday known as on Congress to boost the nation’s debt ceiling by mid-July to maintain the federal authorities from defaulting on its greater than $36 trillion debt.
In a letter to Speaker Mike Johnson (R-La.), Bessent mentioned that there’s “reasonable probability” that the federal government’s “cash and extraordinary measures will be exhausted in August while Congress is scheduled to be in recess.”
“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,” he mentioned.
Republicans are hopeful they’ll be capable to elevate the debt restrict on their very own this yr utilizing a course of often known as finances reconciliation. The purpose is to boost the debt ceiling utilizing the identical automobile being put collectively to advance large swaths of President Trump’s agenda with solely GOP votes.
This could permit Republicans to keep away from Democratic calls for for concessions in trade for his or her votes, however would additionally set a tough mid-summer deadline for the huge invoice that has spawned quite a few divisions on the appropriate.
The debt restrict was final suspended by Congress as a part of a bipartisan invoice struck between former President Biden and GOP management in 2023, staving off the specter of nationwide default by early 2025.
Nevertheless, then-Treasury Division…
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Author : LasVegasNews
Publish date : 2025-05-09 21:32:00
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