United States Treasury Secretary Scott Bessent warned Congress that the US could default on its debt as early as August unless lawmakers act on the debt ceiling.

In a letter to House Speaker Mike Johnson, Bessent urged Congress to increase or suspend the limit by mid-July, ahead of its scheduled recess. He said the government's cash and special measures may run out by then, based on recent tax filings.

The national debt stands at over $36 trillion, and the limit only allows payment of existing obligations.