U.S. Treasury Secretary Scott Bessent on Friday urged Congress to raise the federal government's debt limit by mid-July to avoid a default that would upend global markets.

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.