Congress should raise debt limit by July to avoid default, Bessent says

[Yo_Mama_Been_Loggin]

Source: Washington Post

Lawmakers should raise the nation’s borrowing limit by mid-July to prevent the federal government from defaulting on its bills while Congress is away for its August recess, Treasury Secretary Scott Bessent said Friday.

In a letter to House Speaker Mike Johnson (R-Louisiana), Bessent said Treasury Department cash holdings and measures to put off certain payments would expire in August. But lawmakers are scheduled to be in their home districts for nearly that entire month, which could lead to the prospect of a catastrophic default if they don’t address the issue before they leave.

“I respectfully urge Congress to increase or suspend the debt limit by mid-July, before its scheduled break, to protect the full faith and credit of the United States,” Bessent wrote.

The cap, also called the debt ceiling, sets the amount of money the federal government can borrow to pay for expenses it has already incurred. The government technically eclipsed the limit at the end of 2024, but the Treasury Department can take “extraordinary measures” to put off the need to take on more debt, and receipts from tax-filing season — which came in stronger than expected — also give the country more time to keep making payments.

Read more: https://wapo.st/4k5G8rE

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So they can put billionaire tax cut on a credit card.

[surfered]

1. If DOGE saved all that money, how come they have to raise the debt ceiling?

To pay for Trump’s golf every weekend?

[Skittles]

5. Cadet Bonespurs wants a military parade

yup

[Marcuse]

2. The braying balanced budget boo birds are always silent during a Republican presidency.

[Zenlitened]

3. "So they can put billionaire tax cut on a credit card" EXACTLY!

This is exactly the way to frame it

[RainCaster]

4. Eight months in and he's already raising the debt ceiling?

Where's all those "fiscally responsible" Republicans? It seems they're too busy licking the billionaires butts.

[Montauk6]

6. Ahh, the old "deficits don't matter" card, of COURSE! These cockroaches are SO predictable...

[Old Crank]

7. Where are the DOGE savings????

They are spending like drunken sailors. Faster than Biden.

[J_William_Ryan]

8. "Congress should raise debt limit by July to avoid default"

No, because there’s a Republican in the WH.

If it were a Democrat, Republicans would risk a shutdown to avoid raising the limit.

[nowforever]

9. The store shelves will be empty by then

Say no to debt raise unless the GOP caves on tax cuts for rich and restores funding that helps the poor and middle class. Let Americans know that the pain they are feeling is a manifestation of GOP greed and supporting MAGA ideals. Democrats can turn is into an opportunity if they control the message with a bullhorn of truth and reality. Fight like dogs and contriol the message. They should start beating the drum now so it reverberates in the minds of the MAGA cultists now. We need balls and fire from our representatives.