"If we don't tackle the exponential growth in national debt, there will be no money for anything, including essential services," Musk said on X.
The United States' public debt is expected to rise to 121% of GDP in 2024 and reach 131.7% in 2029, the International Monetary Fund (IMF) said in its Fiscal Monitor report in late October.
US President-elect Donald Trump previously announced that Musk and businessman Vivek Ramaswamy would head the newly-established Department for Government Efficiency (DOGE). The billionaire innovator previously said that he believed the newly created department aims to enhance the efficiency of US defense spending.