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US to Be Left Without Money If It Does Not Tackle National Debt - Musk

MOSCOW (Sputnik) - If the US does not improve the situation with rising national debt, it risks being left without money even for basic services, billionaire and future leader of US spending watchdog Elon Musk said on Friday.

"If we don't tackle the exponential growth in national debt, there will be no money for anything, including essential services," Musk said on X.

The United States' public debt is expected to rise to 121% of GDP in 2024 and reach 131.7% in 2029, the International Monetary Fund (IMF) said in its Fiscal Monitor report in late October.

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US President-elect Donald Trump has previously announced that Musk and businessman Vivek Ramaswamy will lead the Department for Government Efficiency (DOGE). Musk previously said that he believed the newly created department aims to raise the efficiency of US defense spending.