Treasury Secretary Scott Bessent called on Congress to increase or suspend the debt ceiling in a letter to members of Congress, predicting it would be reached in August. Bessent said that based on current calculations,

Lawmakers have until August to address the debt ceiling or the US could default on its obligations for the first time ever, Treasury Secretary Scott Bessent wrote to congressional leaders Friday, urging them to act even sooner,

The government will exhaust resources to pay its bills in August, but Congress will be gone nearly all of that month.