U.S. Treasury Secretary Scott Bessent on Friday urged Congress to raise the federal government's debt limit by mid-July to avoid a default that would upend global markets. Bessent told congressional leaders that there is a "reasonable probability" that the federal government would run short of cash to cover its obligations in August,

WASHINGTON (AP) — The U.S. is on track to run out of money to pay its bills as early as August without congressional action, Treasury Secretary Scott Bessent warned Friday. He is calling on Congress to either raise or suspend the debt ceiling by mid-July.