US Treasury Secretary: US is on 'early warning track' on debt ceiling
On Tuesday, U.S. Treasury Secretary Bessant reiterated his warning that the Treasury was on a "warning track" of exhausting its ability not to exceed the federal debt limit, but he did not provide a specific timetable, the Internet reported. In response to questions from the House Appropriations Committee, Besent said that when we think we are approaching so-called "X Day," we will share it with Congress. "X-Day" refers to the date when the Treasury Department will not be able to pay all government bills on time. He said the Ministry of Finance is still counting tax revenue for the latest tax season. The debt ceiling resurfaced in early January, and the Treasury has been using special accounting operations to avoid breaking the ceiling while maintaining payments on federal debt. Wall Street analysts estimate that the Treasury will not need Congress to raise or shelve the debt ceiling until August to October. "We are on an early warning track," Besant said. He also reiterated that the U.S. government would never default and promised that the Treasury would not use "tricks" to circumvent the debt ceiling.
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