Lawmakers have until August to address the debt ceiling or the US could default on its obligations for the first time ever, Treasury Secretary Scott Bessent wrote to congressional leaders Friday, urging them to act even sooner,

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.

The government will exhaust resources to pay its bills in August, but Congress will be gone nearly all of that month.