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Urgent Call: Raise Debt Ceiling to Avoid Recession

5/10/2025

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Summary

Story summary

Treasury Secretary Scott Bessent called for Congress to raise the debt ceiling by mid-July to avert a default.
The national debt is currently $36.2 trillion, with extraordinary measures temporarily postponing further borrowing.
Bessent's letter urges Republicans to pass a comprehensive bill aligned with President Trump's agenda.
Not raising the debt limit risks a recession and could destabilize global markets dependent on U.S. debt.

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Story summary

Treasury Secretary Scott Bessent called for Congress to raise the debt ceiling by mid-July to avert a default.
The national debt is currently $36.2 trillion, with extraordinary measures temporarily postponing further borrowing.
Bessent's letter urges Republicans to pass a comprehensive bill aligned with President Trump's agenda.
Not raising the debt limit risks a recession and could destabilize global markets dependent on U.S. debt.