Treasury Secretary Scott Bessent on Monday told reporters that he needs Republican lawmakers to pass President Donald Trump's tax agenda by July 4.

The comment comes after the secretary met lawmakers on Capitol Hill as Congress returns from a two-week spring hiatus. Congress leaders were initially hoping to have the full budget finalized by Memorial Day, but Senate leaders are not sure if that's attainable, according to The Hill. 

“We’ve got three legs to the President’s economic agenda, trade, tax and deregulation, and we hope that we can have this tax portion done by Fourth of July,” Bessent said. “The House is moving things along quickly, and the Senate is in lockstep. We think that they are in substantial agreement."

The move comes as lawmakers hope to raise the debt ceiling before the United States defaults on its loans. The exact date of the default deadline, known as the "X date" is not currently known, but the Treasury Department is expected to shed more insight on the deadline in the coming days. 

“We don’t have a new X date yet,” Bessent said. “We may have a better calculation toward the end of the week or next week. The U.S. will never miss the X date."

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.