Tesla CEO Elon Musk has predicted that given the present rate of government spending in the US, it is a matter of time before the nation defaults on its debts.

Responding to a White House post on Twitter positing that the Republican plan is to default on the US debt, Musk wrote, “Given Federal expenditures, it is a matter of when, not if, we default.”

Earlier in the week in a speech at the New York Stock Exchange, Kevin McCarthy, the Speaker of the US House of Representatives, warned that the US debt was increasing to unsustainable levels, and poses a threat to the nation. He said Republicans would not default on the debt, as he chided President Biden for refusing to negotiate on spending reductions.

McCarthy said the House of Representatives would soon vote on a bill which would raise the debt ceiling through 2023.

The White House demanded the Republicans release their proposed budget first, saying it would not negotiate until the Republicans release their budget plan, so it can be compared to the administration’s budget plan, which was released publicly in March.

White House Press Secretary Karine Jean-Pierre chimed in, accusing Republicans of endangering the economy, and saying the Republicans needed to “stop playing games” and pass a “clean” debt ceiling increase.

The Treasury Department notified Congress in January that it was beginning “extraordinary measures” which it would continue until June 5th, in order to maintain payments of the government’s obligations, since the United States has reached its $31.4 trillion debt limit. Treasury Secretary Janet Yellen urged congress to “act promptly” to increase the debt ceiling, to avoid seeing the country default on its obligations.