Barrons Roundtable panelists discuss the U.S. federal debt topping $35 trillion with no plans to fix it. Billionaire Elon Musk warned Monday that the United States is on the fast track to defaulting on its debt, which continues to accelerate after topping a record $35 trillion just weeks ago. During a sit-down at the All-In Podcast's All-In Summit 2024 event, Musk was asked about his plan for a government efficiency commission, which he has agreed to lead if former President Trump wins a second term in the White House. Tesla CEO Elon Musk speaks onstage during the Cannes Lions International Festival Of Creativity 2024 on June 19, 2024 in Cannes, France. (Photo by Richard Bord/WireImage / Getty Images) "If Trump wins – and obviously, I suspect there are people with mixed feelings about whether that should happen – we do have an opportunity to do kind of a once-in-a-lifetime deregulation and reduction in the size of government," Musk said. "Because the other thing besides the regulations, America is also going bankrupt extremely quickly, and… everyone seems to be sort of whistling past the graveyard on this one."