Shocking news has emerged in the financial markets, as U.S. Treasury Secretary Scott Basset warned during a recent House committee hearing that the U.S. may face a debt default crisis by the end of this summer. This statement sharply contrasts with his previous insistence that a U.S. default was impossible.

When asked by lawmakers when the United States might be unable to repay its massive national debt of up to $36.9 trillion, Besant pointed to a timeframe of "mid-summer or late summer." He also acknowledged that this prediction is a "moving target" and carries uncertainty. Notably, the U.S. Congressional Budget Office had previously issued a warning, stating that according to its analysis, the U.S. government could run out of repayment capacity by mid-August.

Besenet further warned at the hearing that if the tax bill proposed by Trump does not pass, the U.S. economy could face the most severe shock since the 2008 financial crisis. He emphasized that if the debt ceiling issue is not resolved quickly, it will become the heaviest blow faced by the U.S. economy in the past 15 years.

In addition, Basent also revealed the current government's fiscal target, hoping to reduce the budget deficit rate to below 4% before President Trump's term ends.

Interestingly, on June 2, this Secretary of the Treasury confidently assured the public that a default in the U.S. economy was impossible. However, the reality is that due to the ongoing deterioration of the national debt situation, the United States has lost its long-maintained perfect credit rating.

The financial markets are closely monitoring this development, and such uncertainties will undoubtedly have a profound impact on the global economy and the digital asset market.