US Finance Minister Scott Bessed told Congress that extends the last period for the development of special accounting measures in order to comply with the limit of debt until July 24, 2025.
The head of the Ministry of Finance also reiterated May’s instructions to Congress leaders that they must act to increase or suspend the debt threshold as soon as possible, before the scheduled August holiday.
Wednesday’s letter to President Mike Johnson and other Congress leaders was required due to expiry on June 27 of the previous “period of suspension period” – a statement that enables him to use his special accounting measures to remain within the debt.
Bessed called on Congress to act until August’s vacation to protect the “full faith and credit of the United States”.
The new timetable continues to push Republicans to quickly cross their giant tax and expenditure package in the coming days. Members of the Republican Party in the House of Representatives and the Senate have clarified their differences in a number of legislative priorities.
Bessed said that he believes that Congress can complete the bill by July 4, when the government “can end with trade agreements” on which he has been working since President Donald Trump announced the so -called Mutual Deals.
Trump, for his part, has proposed to close the legislators in a room together and give up their vacation to complete the bill.