U.S. Treasury Secretary Scott Bessent on Friday urged Congress to raise the federal government's debt limit by mid-July to avoid a default that would upend global markets.

WASHINGTON (AP) — The U.S. is on track to run out of money to pay its bills as early as August without congressional action, Treasury Secretary Scott Bessent warned Friday. He is calling on Congress to either raise or suspend the debt ceiling by mid-July.

There is a "reasonable probability" the United States will hit its borrowing limit in August when Congress is in recess, Treasury Secretary Scott Bessent said Friday, calling on lawmakers to act.