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Bessent says U.S. will never default as Congress faces deadline

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Last month, Bessent told lawmakers the US was likely to exhaust its borrowing authority by August if the debt ceiling isn't raised or suspended by then.
The article from Fortune, dated June 1, 2025, discusses the looming U.S. debt ceiling crisis as the country approaches its "X-date," the deadline by which Congress must act to raise or suspend the debt limit to avoid default. Scott Bessent, a prominent investor, warns that failure to address the issue could lead to severe economic repercussions, including a potential downgrade of U.S. credit ratings and increased borrowing costs. He emphasizes the urgency for Congress to reach a bipartisan agreement, highlighting past instances where last-minute deals were struck to avert disaster. Bessent also critiques the current political climate, suggesting that partisan divisions are complicating efforts to find a solution. The article underscores the critical need for swift action to prevent economic turmoil.

Read the Full Fortune Article at:
[ https://fortune.com/2025/06/01/bessent-us-debt-ceiling-default-congress-budget-x-date-deadline/ ]