Elon Musk says US default is a matter of time
US businessman Elon Musk on Wednesday said the US is bound to default on its debt at some point.
"Given Federal expenditures, it is a matter of when, not if, we default," he said on Twitter.
He was commenting on a White House video that lashed into Republicans for their refusal to approve a higher government debt ceiling.
The US administration has recently called on Congress to raise the ceiling that’s now set at $31.4 trillion. Republicans, who now control the House, are traditionally skeptical about allowing greater debt and are pushing for reducing government spending.
US Secretary of the Treasury Janet Yellen earlier said the agency will need to take "extraordinary measures" to prevent a default after the nation reached its debt ceiling. The official said the measures should allow to pay the bills until June.
US President Joe Biden signed a bill at a the end of 2021 to raise the debt ceiling by $2.5 trillion to $31.4 trillion, averting a potential default. Yellen said at the time that the bill prevented a shortage of funds for the federal government.
---
Follow us on Twitter @AzerNewsAz
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!