Bescent says we are not the default as Congress faces deadlines

Treasury Secretary Scott Bessent said the US will “never default” as the deadline for increasing the federal debt cap approaches.

“It’s never going to happen,” Bescent said in an interview with CBS.Face the countryIt is scheduled to air on Sunday. “We’re in the warning truck, but we don’t hit the wall.”

Republican Congressional leaders have attached an increase in debt restrictions to President Donald Trump’s tax and spending bill, appealing that the mercy of compassion for complex negotiations on the law could avoid default. The US Senate will return this week to get the bill back.

Bescent refused to specify “.x Date” – The point where the Treasury can run out of cash and special accounting measures, stay within the debt limit and fulfill its federal obligations on time.

“We don’t give you an ‘X date’ because we use it to move the bill forward,” Bescent said. Last month, Bescent told lawmakers that if the debt cap is not raised or suspended by then, the US is likely to run out of borrowing authorities by August.

Wall Street analysts and private forecasters will confirm that deadlines will occur between late August and mid-October.

Also, Bessent pushed back against the warning jpmorgan chain &Co. Chief Executive Jamie Dimon said a rift in the bond market “will happen.”

“I’ve known Jamie for a long time. Throughout his career, he made this prediction,” he said. “Fortunately, none of them have come to fruition.”

“We’re going to slowly beat the deficit,” Bescent said. “It’s been a long process, so the goal is to beat it over the next four years.”

This story was originally introduced Fortune.com