(MENAFN- Live Mint) Elon Musk, the head of the newly established Department of government Efficiency (DOGE), alongside Vivek Ramaswamy, has issued a stark warning regarding the precarious financial state of the United States. In a recent post on X, Musk highlighted alarming statistics sourced from the US Department of the Treasury, indicating that US is burdened by three layers of debt: a budget deficit of $1.4 trillion, a national debt totaling $31.5 trillion, and unfunded obligations amounting to $75.3 trillion.
In his post, SpaceX CEO Elon Musk cautioned,“America is headed for disaster, with no money for anything, unless the government overspending is addressed.”
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Department of Government Efficiency (DOGE) is a proposed presidential advisory commission in the United States.
The House of Representatives decisively rejected President-elect Donald Trump's proposed plan to fund federal operations and suspend the debt ceiling, just one day before a looming government shutdown.
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The vote, marked by heated exchanges, resulted in a failure to meet the necessary two-thirds majority, with the final tally at 174-235 against the bill. House Speaker Mike Johnson expressed determination to regroup before the midnight deadline, stating,“We're going to do the right thing here.”
President-elect Donald Trump has demanded that a provision raising or suspending the nation's debt limit - something that his own party routinely resists - be included in legislation to avert a government shutdown.“Anything else is a betrayal of our country," Trump said in a statement Wednesday.
Republicans quickly complied, including a provision in a revamped government funding proposal that would suspend the debt ceiling for two years, until January 30, 2027.
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Donald Trump 's proposal aimed to extend government funding for three months, allocate $100.4 billion in disaster assistance for states affected by recent hurricanes.
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