Treasury Secretary Scott Bessent has urgently urged Congress to raise or suspend the debt ceiling by mid-July to prevent the U.S. from defaulting on its obligations. As the country is projected to hit its debt limit in August, Bessent emphasized that failure to act could lead to dire economic consequences. With the August recess approaching, he stressed the importance of immediate congressional action to avert a potential crisis, stating that measures to address the debt limit could run out by then. The administration is warning that the U.S. debt is on an unsustainable path, highlighting the need for timely intervention from lawmakers.