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The cost of servicing the vast US federal debt now outstrips the defense budget, Tesla and SpaceX CEO Elon Musk has claimed in an interview with the All-In podcast. He added that the country is “going bankrupt extremely quickly.”

The US Treasury announced in late July that the national debt had surpassed $35 trillion, having soared by a trillion in a six-month period.

In June, the US House Of Representatives passed its version of the annual defense policy bill that authorizes a record $895 billion in spending, marking an increase of 1% compared to the previous fiscal year.

“Interest payments on the national debt are now higher than the entire Defense Department budget and rising,” Musk said, warning that the US is “going bankrupt extremely quickly.”

The tycoon stressed that every trillion dollars of debt added is money that “our kids and grandkids are going to have to pay somehow.”