Bessent urges Congress to act on debt limit by mid-July

Treasury Secretary Scott Bessent on Friday called on Congress to raise the nation’s debt ceiling by mid-July to keep the federal government from defaulting on its more than $36 trillion debt.In a letter to Speaker Mike Johnson (R-La.), Bessent said that there is “reasonable probability” that the government’s “cash and extraordinary measures will be exhausted in August while Congress is scheduled to be in recess.”“Therefore, I respectfully urge Congress t