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Bessent Reaffirms No-Default Pledge as Congress Readies Debt Ceiling Vote

Lawmakers linked the debt limit increase to President Trump’s tax-spending plan ahead of the Senate vote this week.

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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.