Treasury Secretary Scott Bessent repeated his warning that his department is on the “warning track” toward exhausting its capacity to stay within the federal debt limit, while refraining from offering a specific timeframe on Tuesday.

While concerns about the U.S. hitting the debt ceiling are being debated, Philip Swagel, head of the nonpartisan Congressional Budget Office, estimates it should last late into the summer.

Members of the House Appropriations Committee questioned Treasury Secretary Scott Bessent on Tuesday amid an escalating trade war, where he admitted the United States is not currently in negotiations with China.