US on the verge of default: Treasury Secretary names possible timelines

The United States could face a default on its national debt as early as the second half of the summer.

This was announced by US Treasury Secretary Scott Bessant at a hearing in a committee of the House of Representatives of Congress.

When asked when the US would run out of money to pay interest on its more than $36.9 trillion national debt, Bessent said he expected it to happen in mid- to late summer.

The US Treasury Secretary noted that the expected default date is “floating,” so his assessment may be inaccurate.

Bessent also noted that if US President Donald Trump’s tax bill is not passed, America could face the worst financial crisis since 2008.

According to him, if the issue of the national debt limit is not resolved, it will be the hardest blow in the last 15 years.

It should be noted that summer for US financiers technically lasts from June 20 to September 22. The Congressional Budget Office previously stated that, according to its forecasts, the US will run out of money to pay off its debt in mid-August.

In addition, Bessent clarified that senior US officials want to reduce the deficit to less than 4% by the end of Trump’s term.

We would like to remind you that the international rating agency S&P Global has downgraded the rating of Ukraine’s GDP warrants from “CC” to “D” – default .

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