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Economy

US Treasury Secretary Bessent Warns of Possible Default on Government Debt

2025-06-12

Direct Translation via Google Translate. Edited.
[Regnum] The United States may face a default on its national debt in the second half of the summer. This was stated on June 11 by US Treasury Secretary Scott Bessent, Bloomberg reports.

That sounds like there is an if attached to that.
It is specified that at a hearing in the Committee on Revenue and Expenditure of the US House of Representatives, Bessent was asked when the US will reach the ceiling on the national debt, which exceeds $36.9 trillion.

"In mid to late summer," the US Treasury Secretary replied.

Bessent clarified that he could not name a specific month, since, in his words, it was a “moving target.” In addition, he clarified that the current White House administration intends to reduce the deficit ratio to less than 4% by the end of US President Donald Trump’s term.

Earlier, Regnum reported that US Treasury Secretary Bessent said the White House would never declare a default on US government debt. According to him, the US administration always "keeps its finger on the pulse", preventing the collapse of the financial system.

In late March, The New York Times reported that Washington could default on its national debt between July and October 2025. According to the newspaper, the White House is actively trying to cut government jobs and spending.

In May, US President Trump introduced a bill to reduce government spending that would increase defense spending. In particular, the spending concerns the creation of the Golden Dome air defense system and tightening border controls.

Posted by:badanov

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