Elon Musk called the onset of default in the US a matter

American businessman Elon Musk said on his Twitter that default in the US is only a matter of time.

“Given federal spending, the question is not whether a default will come, but when it will happen,” Musk wrote, commenting on a White House publication criticizing Republicans opposed to raising the US national debt ceiling.

The National Debt Ceiling is the statutory limit on the US government's borrowing from creditors to pay for its obligations, including Social Security, medical care, and military salaries.

The administration of US President Joe Biden is calling on Congress to raise the national debt ceiling, now legally set at $31.4 trillion, the highest in US history. The US national debt crossed the previous mark of $30 trillion in early February. The New York Times then wrote that this happened several years earlier than predicted due to spending to combat the consequences of the COVID- 19 pandemic , including unemployment benefits and support for small businesses.

The Republican Party, which currently controls the House of Representatives, has traditionally been skeptical about raising the debt limit and advocates cutting government spending. The report of the Congressional Budget Office says that if measures are not taken to increase or cancel the national debt limit, the government will not be able to fulfill its financial obligations in June-September of this year, which will mean a default of the American economy.

The US budget deficit this year will be $1.4 trillion, according to congressional administration, this amount is about $400 billion more than in May 2022. In addition, the report says the deficit will be 5.3% of GDP and will rise to 6.9% in 2033, well above the 3.6% of GDP, the average over the past 50 years. The agency estimates that the deficit will be $2.7 trillion in 2033.

“Failure of government commitments will cause irreparable harm to the US economy, the livelihood of all Americans and global financial stability,” said US Treasury Secretary Janet Yellen, urging Congress to increase the level of public debt.