Overview

• Treasury Secretary Scott Bessent told CBS’s Face the Nation that the U.S. will “never default” despite nearing its borrowing cap.
• He declined to disclose the “X date” when the Treasury’s cash reserves and extraordinary measures would be depleted.
• Republican leaders attached the debt ceiling hike to President Trump’s tax-spending plan, forcing a pivotal Senate showdown.
• Treasury estimates project exhaustion of extraordinary borrowing authority by August without action.
• Bessent rejected warnings from JPMorgan CEO Jamie Dimon and faces pressure after Moody’s downgraded U.S. credit ratings.