Countdown to the X-Date: U.S. Approaches Debt Ceiling

The U.S. is on the brink of reaching its federal debt ceiling, Treasury Secretary Scott Bessent warned on Wednesday. The government expects to run out of borrowing capacity by mid-to-late summer. Bessent shared these concerns with the U.S. House of Representatives Ways and Means Committee.

Bessent emphasized that the impending date, known as the 'X-date,' marks when the United States cannot fulfill all its financial obligations. This target, however, remains subject to change, making it a 'moving target' according to Bessent.

The statement highlights the financial strain and uncertainty looming over the U.S. economy as key deadlines approach without a clear resolution in sight.

(With inputs from agencies.)