#USNationalDebt Billionaire Elon Musk stated that he allows for the actual bankruptcy of the country; if this situation persists, all tax revenues of the United States will go towards paying interest on the national debt, and nothing will be left for other purposes.

According to official data from the Bureau of Fiscal Service, the national debt of the country currently stands at $36.2 trillion. The US national debt is the amount that the federal government owes to its creditors. Washington borrows money by issuing government bonds to cover the budget deficit. Government expenditures have exceeded revenues for more than 20 years. The national debt consists of internal debt, where US government entities invest in bonds, and public debt, where securities are owned by individuals, companies, and foreign governments.

After Congress reaches a deal with itself to raise the debt ceiling, the debt will increase by hundreds of billions of dollars as the government reallocates money and issues huge amounts in Treasury bills to replenish its depleted current account.