The US could default in August – Bessent, who previously assured that this was impossible

The United States could face a default on its national debt as early as the second half of the summer, Treasury Secretary Scott Bessant said at a hearing in the House of Representatives committee, Bloomberg reports.

When asked when the US would run out of money to pay its more than $36.9 trillion national debt, Bessent said he expected it to happen in mid- to late summer.

According to the US Treasury Secretary, the expected default date is a "moving target" that may not be accurate.

The agency notes that summer technically lasts from June 20 to September 22. The Congressional Budget Office previously said that, according to its forecasts, the United States will run out of money to pay off its debt as early as mid-August.

Bessent also noted that if US President Donald Trump's tax bill is not passed, America could face the worst financial crisis since 2008.

According to him, if the issue of the national debt limit is not resolved, it will be the hardest blow in the last 15 years.

In addition, Bessent clarified that the current administration of the country wants to reduce the deficit to less than 4% by the end of Trump's presidential term.

On June 2, Bessent categorically stated that a default of the American economy was impossible.

• Due to problems with the national debt , the US lost its perfect credit rating.