US Treasury Extends Debt Ceiling Deadline Until Next Month
US Secretary of the Treasury Scott Bessent announced that the government will extend the debt ceiling until July 24. This is done to avoid a default before new debt is issued.
This announcement will give US lawmakers more time, especially so that the US Treasury can transfer funds between federal accounts and halt investments in certain government programs.
In addition, Bessent emphasized that US lawmakers must meet the debt ceiling before they leave the city for the August recess.
However, if the debt ceiling bill is not fulfilled by the US, then the Treasury Department will shake investor confidence and damage the credit rating of the US government.