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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.

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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/ ]