US billionaire Elon Musk has expressed concern that the country is heading towards bankruptcy due to its massive budget deficit, which has surged to over USD 1.8 trillion in the last financial year. The tech mogul, appointed as head of the Department of Government Efficiency (DOGE) by US President Donald Trump, warned that cutting down federal expenditure is not optional but a necessary step to revive and protect the US economy.
Musk’s comments come at a time when the Trump administration is facing legal battles over its cost-cutting measures. Critics have questioned Musk’s role as head of DOGE, citing his companies’ massive contracts with the US government. The agency has also raised concerns by gaining access to sensitive data through the US Treasury.
DOGE was launched in 2025 with the goal of reducing wasteful and fraudulent federal spending and eliminating excessive regulations. Led by Musk, it is a temporary contracted organization under the US Department of Government Efficiency Service. Despite its goals, DOGE’s actions have stirred controversy, triggering protests and lawsuits, with critics describing its actions as a potential constitutional crisis.
Source: https://www.india.com/news/world/america-will-go-bankrupt-if-federal-expenditure-is-not-cut-elon-musk-flags-concern-over-us-economy-says-donald-trump-administration-must-take-action-department-of-government-efficiency-doge-7615963