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Billionaire Elon Musk warned Monday that the United States is on the fast track to defaulting on its debt, which continues to accelerate after topping a record $35 trillion just weeks ago.
During a sit-down at the All-In Podcast's All-In Summit 2024 event, Musk was asked about his plan for a government efficiency commission, which he has agreed to lead if former President Trump wins a second term in the White House.
Tesla CEO Elon Musk speaks onstage during the Cannes Lions International Festival Of Creativity 2024 on June 19, 2024 in Cannes, France. (Photo by Richard Bord/WireImage / Getty Images)
"If Trump wins – and obviously, I suspect there are people with mixed feelings about whether that should happen – we do have an opportunity to do kind of a once-in-a-lifetime deregulation and reduction in the size of government," Musk said. "Because the other thing besides the regulations, America is also going bankrupt extremely quickly, and… everyone seems to be sort of whistling past the graveyard on this one."
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Musk pointed out that interest payments on the national debt just surpassed the Defense Department budget, and topped $1 trillion this year. close video We’re spending over $1 trillion a year in interest on debt: EJ Antoni
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"We're adding a trillion dollars to our debt, which our kids and grandkids are going to have to pay somehow," he said, noting that the interest payments are rising rapidly, so eventually "the only thing we'll be able to pay is interest."
"It's just like a person at scale that has racked up too much credit card debt," Musk said. "This does not have a good ending, and so we have to reduce the spending."
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Musk, who endorsed Trump in July following the failed assassination attempt on the former president, suggested the creation of a government efficiency commission last month during a conversation he hosted with Trump on X.
Former President Trump during an Economic Club of New York event in New York, on Sept. 5, 2024. (Photographer: Yuki Iwamura/Bloomberg via Getty Images / Getty Images)
The former president endorsed the plan last week, and said he would appoint the entrepreneur to lead the panel if the Republican nominee wins the presidential election.
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Musk, the CEO of Tesla and SpaceX and owner of social media platform X, acknowledged his agreement to serve on the government efficiency commission and wrote on X that, "I look forward to serving America if the opportunity arises. No pay, no title, no recognition is needed."
FOX Business' Eric Revell contributed to this report.