Scoop: Bessent to take victory lap on tax revenue

Treasury Secretary Scott Bessent will tell House lawmakers this morning that the cost-cutting and layoffs at the Internal Revenue Service didn't lead to an expected decline in revenue, with April's and May's tax receipts coming in higher than last year.Why it matters: More tax revenue gives the Treasury Department more time before it runs out of money and hits the debt limit.That could effectively relieve pressure on Congress to pass Trump's "one big beautiful bill" before the July 4th recess.What they're saying: "April receipts this year were up 9.5% over the previous year. And receipts in May were up 14.7% over the previous year," Bessent will tell the House Ways and Means Committee this morning."I am pleased to report that Treasury has just completed its most successful tax filing season in years—and we did so while improving efficiencies and cutting costs at the IRS," he will say, according to excerpts obtained by Axios."Critics of the President's efforts to modernize the IRS warned that the effort would result in a 10% shortfall in receipts," Bessent will say. "Instead, the opposite happened."The big picture: The so-called X-date, when the Treasury Department runs out of money and extraordinary measures to fund the government, is one of the driving forces behind Congress's urgency to pass Trump's budget bill before the July 4th recess.At the White House last week, Majority Leader John Thune called it a "no fail" situation as he works to find 51 votes for the House-passed bill.Zoom in: In early May, Bessent warned Speaker Mike Johnson that the X-date could hit in mid-July and that he should raise the debt ceiling before then.On Monday, the Congressional Budget Office estimated that the government could run out of money between mid-August and the end of September, pushing back the X-date by a couple of weeks from its earlier estimate.

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