Musk Gives Warning of Potential Bankruptcy in the US
Elon Musk has issued a warning about the looming threat of bankruptcy for the US government, attributing this risk to its rapidly increasing multi-trillion-dollar debt. Read Full Article at RT.com.
TroibNews 
Elon Musk has emphasized the urgent need to address the escalating national debt, warning that the US government will “go de facto bankrupt” if it does not rein in its spending. The billionaire is set to co-lead a new department aimed at reducing expenses under President-elect Donald Trump.
Musk's comments came in response to a post by Kalshi, a financial service that allows users to speculate on future events. The post highlighted that the market estimated a 36% chance of annual federal spending being cut by at least $250 billion under Trump. Kalshi pointed to the future Department of Government Efficiency, which Musk is expected to co-chair alongside fellow billionaire Vivek Ramaswamy, as the body that would facilitate this reduction in expenditure.
In November, the US gross federal debt exceeded the $36 trillion mark, a situation Musk described as “terrifying” at that moment.
Recently, Musk leveraged his significant social media presence to engage in a debate within Congress regarding a temporary spending bill. He encouraged his over 200 million followers on X, particularly American citizens, to reach out to their congressional representatives to oppose a spending bill that he argued “should not pass.”
Although the lengthy 1,500-page measure ultimately did not move forward, neither did an alternative proposed by Trump that Musk supported, which risked pushing the government towards another shutdown. A compromise 118-page short-term solution was eventually adopted after the Friday midnight deadline and was signed into law by President Joe Biden the following Saturday.
“President Trump will return to DC and to the White House, and we will have Republican control of the Senate and the House,” commented Speaker Mike Johnson on the resolution. “Things are going to be very different around here. This was a necessary step to bridge the gap.”
Ian Smith for TROIB News
Musk's comments came in response to a post by Kalshi, a financial service that allows users to speculate on future events. The post highlighted that the market estimated a 36% chance of annual federal spending being cut by at least $250 billion under Trump. Kalshi pointed to the future Department of Government Efficiency, which Musk is expected to co-chair alongside fellow billionaire Vivek Ramaswamy, as the body that would facilitate this reduction in expenditure.
In November, the US gross federal debt exceeded the $36 trillion mark, a situation Musk described as “terrifying” at that moment.
Recently, Musk leveraged his significant social media presence to engage in a debate within Congress regarding a temporary spending bill. He encouraged his over 200 million followers on X, particularly American citizens, to reach out to their congressional representatives to oppose a spending bill that he argued “should not pass.”
Although the lengthy 1,500-page measure ultimately did not move forward, neither did an alternative proposed by Trump that Musk supported, which risked pushing the government towards another shutdown. A compromise 118-page short-term solution was eventually adopted after the Friday midnight deadline and was signed into law by President Joe Biden the following Saturday.
“President Trump will return to DC and to the White House, and we will have Republican control of the Senate and the House,” commented Speaker Mike Johnson on the resolution. “Things are going to be very different around here. This was a necessary step to bridge the gap.”
Ian Smith for TROIB News
