Lawmakers should raise the nation’s borrowing limit by mid-July to prevent the federal government from defaulting on its bills while Congress is away for its August recess, Treasury Secretary Scott Bessent said Friday.

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.