US debt payments surpass defense budget, says Musk
According to Tesla and SpaceX CEO Elon Musk, interest payments on the national debt have surpassed the total budget allocated to the Defense Department. Read Full Article at RT.com
TroibNews 
The United States now pays more annually to manage its federal debt than it allocates to its defense budget, as highlighted by tech mogul Elon Musk during his interview on the All-In podcast.
Recently, the U.S. Treasury disclosed that the national debt had eclipsed $35 trillion, after a significant rise of a trillion dollars within just half a year.
In related news, June saw the U.S. House of Representatives approving a defense policy bill for the next year, with provisions for a historic $895 billion in expenditures, a 1% increase from last year’s budget.
“Interest payments on the national debt are now higher than the entire Defense Department budget and rising,” Musk remarked, cautioning that this spending trajectory could lead to rapid financial ruin for the country.
Musk emphasized the burden future generations will face, noting that the additional trillions in debt signify financial responsibilities that will fall on "our kids and grandkids."
In a recent update on his X platform, Musk highlighted a post from a financial analysis account that predicted the U.S. would need to spend over $1.2 trillion on debt interest in the next 12 months, amounting to roughly 25% of the government's revenue.
Musk has been vocal about his concerns regarding the current pace of U.S. government spending, linking it directly to a path towards bankruptcy and its contribution to ongoing inflationary pressures.
According to the latest figures from the U.S. Labor Department, the annual inflation rate had decreased to below 3% for the first time since 2021 in the month before, recording a rise in the price of goods and services by 2.9%, while the core inflation rate, not counting food and energy, was noted at 3.2% for the year.
Camille Lefevre for TROIB News
Recently, the U.S. Treasury disclosed that the national debt had eclipsed $35 trillion, after a significant rise of a trillion dollars within just half a year.
In related news, June saw the U.S. House of Representatives approving a defense policy bill for the next year, with provisions for a historic $895 billion in expenditures, a 1% increase from last year’s budget.
“Interest payments on the national debt are now higher than the entire Defense Department budget and rising,” Musk remarked, cautioning that this spending trajectory could lead to rapid financial ruin for the country.
Musk emphasized the burden future generations will face, noting that the additional trillions in debt signify financial responsibilities that will fall on "our kids and grandkids."
In a recent update on his X platform, Musk highlighted a post from a financial analysis account that predicted the U.S. would need to spend over $1.2 trillion on debt interest in the next 12 months, amounting to roughly 25% of the government's revenue.
Musk has been vocal about his concerns regarding the current pace of U.S. government spending, linking it directly to a path towards bankruptcy and its contribution to ongoing inflationary pressures.
According to the latest figures from the U.S. Labor Department, the annual inflation rate had decreased to below 3% for the first time since 2021 in the month before, recording a rise in the price of goods and services by 2.9%, while the core inflation rate, not counting food and energy, was noted at 3.2% for the year.
Camille Lefevre for TROIB News
