US nears US$36t debt ceiling in August, Treasury chief urges urgent action to prevent default

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WASHINGTON, May 10 — There is a "reasonable probability” the United States will hit its borrowing limit in August when C...

But the talks have so far failed to translate into legislation that can pass both the House and the Senate, spurring Bessent’s letter.“Prior episodes have shown that waiting until the last minute...can have serious adverse consequences for financial markets, businesses and the federal government,” he said.“A failure to suspend or increase the debt limit would wreak havoc on our financial system and diminish America’s security and global leadership position,” Bessent added.

The Republican-controlled Congress has been in talks to increase the threshold as part of a broader suite of tax-and-spend measures based on President Donald Trump’s policy priorities.

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Article Details

Category: EconomyBusiness

Markets: MalaysiaUnited States

Topics: United states US US debt limit Us debt

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-05-10 @ 11:14:17 (7 hours ago)

News Timezone: GMT +8:00

News Source URL: malaymail.com

Language: English

Article Length: 214 words

Reading Time: 2 minutes read

Sentences: 10 lines

Sentence Length: 22 words per sentence (average)

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Copyright Owner: © Malay Mail

News ID: 28526380

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