The Treasury Ministry requests the Congress to raise the roof of the debt before August to avoid the failure to pay

WASHINGTON – Treasury Secretary Scott Bessent told Congress leaders on Friday that the United States will likely implement the authority to borrow by August.

In a message on May 9, he urged them to extend the debt ceiling by July, before Congress left for the annual August holiday, in order to avoid the economic disaster.

Pesint said there is a “state of great uncertainty” in the specified date.

“However, after receiving receipts for the tax deposit season in the last April, there is a reasonable possibility that cash and federal government will be exhausted in August while Congress is scheduled to be in a rest period,” Pisent wrote. ))

Republicans, who control the House of Representatives and the Senate, are planning to raise the roof of the debt by $ 4 trillion or 5 trillion dollars in their sweeping party’s bill to pass the agenda of President Donald Trump. This is tall, as the party is struggling to unify different components of this legislation with their narrow majority. It is not clear that they will pass a bill before August.

If they fail in this schedule, they may have to deal with the issue of debt limit separately and tend to be democratic support to solve it and avoid an economic crisis that is likely to result from failure to pay American debt.

“The failure to suspend or increase the debt limit will lead to corruption on our financial system and reduce the security position in America and the global leadership,” Pisint wrote in the letter.