The cost of servicing the federal debt will absorb tax revenue, leaving nothing for critical needs, the tech billionaire has predicted The US is spiraling towards bankruptcy and will quickly go bust if Washington doesn’t stop spending so much money, Tesla and SpaceX CEO Elon Musk has warned. Musk was commenting on a post on X, which highlighted skyrocketing interest payments on US government debt. “We now pay nearly $1.2 trillion per year in interest on the debt, about 23% of all taxes, tariffs