America Will De Facto Default, Musk Warns

American billionaire Elon Musk has warned about the risks of a U.S. default if the current financial policies do not change. "If this continues, America will de facto default, and all tax revenues will be directed towards paying off state debt interest, leaving no funds for anything else," he stated.

This comment was prompted by a post on the Wall Street Mav account, which noted that about 25% of U.S. federal budget tax revenues are spent solely on servicing the interest of a state debt that has reached $37 trillion. Moreover, annual budget revenues amount to approximately $5 trillion.