Bessent: U.S. Faces Default On Government Debt

As early as the second half of summer.

The United States could face a default on its national debt as early as the second half of summer, U.S. Treasury Secretary Scott Bessent said. His words are reported by Bloomberg.

At a hearing of the House Revenue and Spending Committee, he was asked when the U.S. would run out of money to pay the bills on its more than $36.9 trillion national debt.

"In the middle or late summer," the secretary said.

He emphasized that he could not name a specific month due to the fact that it was a "moving target."

In late March, the Congressional Budget Office predicted that the United States would be unable to meet obligations on some of its debt unless Congress acts to raise the limit. The so-called X date would likely come in August or September, the office estimated.

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