Elon Musk Warns of Possible US Bankruptcy $XRP $TROY $FTT

Billionaire Elon Musk, who heads Tesla (NASDAQ:TSLA) and SpaceX, has warned of possible US bankruptcy if the current policy continues.

America is rapidly moving towards bankruptcy now, Musk said.

Elon posted this comment in response to a report from the Department of Government Efficiency, abbreviated as DOGE, which is similar to the ticker of the well-known meme-based cryptocurrency Dogecoin (DOGE).

The department reported that in 2023, US federal budget expenditures exceeded the amount of tax collection by $1.69 trillion and emptied the treasury. At the same time, the last time the US budget surplus was observed was back in 2001.

Representatives of the DOGE department, headed by Musk and businessman Vivek Ramaswani, propose to put an end to the negative trend and balance budget expenditures and revenues. Therefore, it becomes obvious that under the leadership of Elon and Vivek, department employees will reduce subsidies, for example, to social and medical institutions.