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.

Despite warnings that the U.S. could run out of money by July, Scott Bessent insisted the country will not default on its debts during a hearing on Tuesday.

Lawmakers have until August to address the debt ceiling or the US could default on its obligations for the first time ever, Treasury Secretary Scott Bessent wrote to congressional leaders Friday, urging them to act even sooner,