Elon Musk warns of bankruptcy on rising debt interest

Billionaire Elon Musk

Billionaire Elon Musk attended the first Cabinet meeting to discuss his efforts to reduce waste through the Department of Government Efficiency.

 

"We're drowning in debt," Musk said, pointing to the US’s $36.14 trillion debt, as reported by the Treasury Department.

 

He warned that interest payments alone now make up 23% of all federal revenue. "If this keeps up, the entire government budget will go to paying interest. That means no money for Social Security, no Medicare, nothing. America would be toast."

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