Treasury Secretary Scott Bessent on Friday called on Congress to raise the nation’s debt ceiling by mid-July to keep the federal government from defaulting on its more than $36 trillion debt.

In a letter to Speaker Mike Johnson (R-La.), Bessent said that there is “reasonable probability” that the government’s “cash and extraordinary measures will be exhausted in August while Congress is scheduled to be in recess.”

“Therefore, I respectfully urge Congress to increase or suspend the debt limit by mid-July, before its scheduled break, to protect the full faith and credit of the United States,” he said.

Republicans are hopeful they will be able to raise the debt limit on their own this year using a process known as........

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