Overview

• On CBS’s Face the Nation, Bessent vowed the U.S. will never default on its debt and refused to specify the ‘X date’ when Treasury’s special accounting measures expire.
• Last month, Bessent warned lawmakers that without a debt ceiling increase or suspension, the Treasury could exhaust its borrowing authority by August.
• He dismissed JPMorgan CEO Jamie Dimon’s prediction of a ‘crack’ in the bond market, noting that similar warnings during Dimon’s career have not materialized.
• Wall Street analysts project the government will hit its debt limit between late August and mid-October if Congress does not act.
• Bessent said he expects President Trump’s upcoming call with Xi Jinping to swiftly resolve the recent U.S.–China tariff dispute.