USA: Elon Musk, the CEO of Tesla and Twitter, who has been urging the US government to cut spending, claimed on Wednesday that a debt default was only a matter of time.

In response to a tweet from the White House suggesting that the Republican plan may be to default on US debt, Musk wrote, "Given Federal expenditures, it is a matter of when, not if, we default."

Speaker of the US House of Representatives Kevin McCarthy earlier this week cautioned that the US debt is unsustainable and poses a threat to the country in a speech at the New York Stock Exchange.

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 He poked fun at President Obama by asserting that Republicans would not permit the nation to go into default on its debt.

Biden for his steadfast refusal to compromise on cost-cutting measures.

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McCarthy added that a bill to raise the debt ceiling through 2023 would soon be put to a vote in the House of Representatives.

The White House emphasised that it would not negotiate the debt ceiling until the GOP releases its counterproposal to the administration's budget plan, which was released in March. US President Joe Biden urged the GOP to first release their proposed budget.

Late last month, Karine Jean-Pierre, the press secretary for the White House, claimed that the Republicans were threatening to wreck havoc on the US economy, and that it was time for them to "stop playing games" and agree to pass a "clean" debt ceiling bill.

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In order to continue paying the government's obligations as the US has reached its $31.4 trillion debt limit, the Treasury Department informed Congress in January that "extraordinary measures" had begun and would last until June 5. Then, Treasury Secretary Janet Yellen urged lawmakers to "act promptly" and raise borrowing caps to prevent a default.