Refuting JP Morgan CEO's "collapse theory"! Bessant insists: America will never default.

U.S. Treasury Secretary Benson emphasized on Sunday (June 1) that the United States will never default on its debt. In a recent interview with the media, he attempted to reassure Wall Street about the U.S. public financial situation, after JPMorgan Chase CEO Jamie Dimon warned last Friday that a collapse in the U.S. bond market was just a matter of time. Benson said in an interview on Sunday, "The United States will never default, that will never happen. We are on high alert and will not hit a wall." With President Trump urging Congress to pass the budget bill, which he calls the "beautiful big bill," investors have become increasingly concerned about the size of the U.S. federal debt. It is expected that this bill will lead to further increase in the federal deficit. The U.S. Senate will formally debate the bill this week. Many investors are also worried about the debt ceiling issue - according to proposed legislation, the debt ceiling will be raised by $4 trillion, and it may face further constraints due to congressional disputes and Republican infighting. In response, Benson refused to disclose the so-called "X date" - the point at which the Treasury Department will run out of cash and special accounting measures to continue to meet federal obligations within the debt ceiling. Benson said, "We will not announce the 'X date,' because we want to use it to push the bill forward." Last month, Benson told lawmakers that if the debt ceiling is not raised or suspended by then, the U.S. could run out of its borrowing authority by August. However, many Wall Street analysts and forecasting agencies believe that the "X date" could occur sometime between late August and mid-October. Rebutting "Wall Street's favorite son" In the latest interview, Benson also refuted the warning from "Wall Street's favorite son," JPMorgan Chase CEO Jamie Dimon, last Friday about the "collapse in the U.S. bond market." Dimon had said at the time that after the U.S. government and the Fed had "massive excess" spending and quantitative easing, the U.S. bond market would "collapse" under heavy pressure. He called on the Trump administration to put the U.S. on a more sustainable path. Dimon claimed that he had previously warned regulators that there would be problems in the U.S. bond market. "I'm telling you, this will definitely happen. At that time, you will panic, but I won't, we will be fine." However, Benson clearly did not take Dimon's warning seriously. Benson pointed out, "I have known Jamie for a long time, and throughout his career, he has often made such predictions. Fortunately, none of them have come true." It is worth mentioning that the Congressional Budget Office warned in March that even without new budget legislation, the ratio of U.S. debt to GDP in the coming years will exceed the peak of the 1940s. Last month, following Standard & Poor's and Fitch, Moody's, the last of the three major credit rating agencies globally, stripped the U.S. of its Aaa sovereign credit rating. Currently, many senators in the U.S. Senate are concerned about the high level of government spending and the increase in the debt ceiling, and even Elon Musk, who recently left the Department of Government Efficiency (DOGE), expressed disappointment in an interview aired on Sunday about the "massive spending bill," which weakened cost-cutting efforts in the Department of Government Efficiency. However, Benson stated that many predictions did not consider the "significant" increase in government revenue that could result from Trump's large-scale new import tariff measures, which could bring in trillions of dollars in government revenue. Benson said, "This year's government budget deficit will be lower than last year's deficit, and two years from now, the deficit will further decrease."