Bessent says US Treasury at 'warning track' on debt ceiling, vows no US default

Washington: US Treasury Secretary Scott Bessent said on Tuesday that the department was "at the warning track" in terms of exhausting remaining borrowing capacity under the federal debt ceiling, but vowed that the government would not default on its payment obligations.

Bessent told a House Appropriations subcommittee hearing on the Trump administration's budget proposal that Congress would ultimately raise or suspend the debt ceiling again, and that the Trump administration would not use any "gimmicks" to circumvent it.