Elon Musk declares ‘financial emergency’: What’s behind the $35 trillion ‘time bomb’ US is said to be facing

Tesla CEO Elon Musk has raised alarm over what he calls a “financial emergency” as U.S. government interest payments now exceed $1 trillion annually, surpassing the entire Defense Department budget.
Speaking at a recent Trump campaign rally, Musk highlighted that interest payments now consume 23% of all federal tax revenue, as the national debt has ballooned to $35.7 trillion. Bank of America analysts project the debt could reach $36 trillion by year’s end, with increases of approximately $1 trillion every 100 days.