The US finances are in crisis! Bessant warns that the debt ceiling is approaching, and global markets are about to fluctuate?

On May 7, 2025, according to the Crypto King’s official account, US Treasury Secretary Scott Bessant warned at a hearing on Tuesday that the debt ceiling is on the alert line, and the latest forecast of the date of running out of cash will be announced soon. Since the April tax settlement has not been completed, the exact date remains to be confirmed. Bessant said that once the cash is exhausted, the government will take unconventional measures, and defaults on repayments may trigger turmoil in global credit markets.

Bessant described it vividly: "Like an outfielder catching a fly ball, we are close to the wall." Currently, the federal debt ceiling is $36.1 trillion. Since the increase on January 2, the Treasury has suspended some investments and dispatched funds, but the daily balance still fluctuates by tens of billions of dollars.

Republicans plan to push for a bill to increase the debt ceiling before the deadline, attaching tax reforms, border policies and energy measures, and try to pass it in the House of Representatives with Republican votes alone.

In addition, Bessant called on investors to remain calm at the Milken Institute conference in Los Angeles and not focus only on criticism of Trump's policies. He stressed that the United States has the most efficient labor force and the most competitive tax environment in the world.

Just hours before Trump announced a 100% tariff on foreign films, Bessant supported the fundamental strength of the United States, saying that trade policies are aimed at creating a fair competitive environment for American workers and businesses.