U.S. Sets August Deadline for Debt Ceiling
WASHINGTON—The U.S. could run out of cash to pay all its bills in August without a debt-limit increase, Treasury Secretary Scott Bessent told lawmakers on Friday, urging them to raise the borrowing cap by mid-July.
The announcement of the so-called X date will serve as an important deadline for the tax-and-fiscal bill that Congress is considering. The Republican legislation is expected to include a debt-limit increase of up to $5 trillion along with tax cuts, spending cuts and additional money for border enforcement and national defense.
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