‘You know you did wrong’ : Musk fumes on Trump’s tax bill, warns of ‘unsustainable debt spiral’

Billionaire Elon Musk has publicly criticised the "One Big Beautiful Bill Act," a sweeping tax and spending proposal backed by the Trump administration, labelling it a "disgusting abomination" that would exacerbate the federal deficit. The House of Representatives narrowly passed the bill last month, with its estimated impact on the national debt projected to increase by $3.8 trillion.

"Shame on those who voted for it," Musk said in a post on X about the legislative linchpin of Trump's second-term agenda. In a series of posts on X on Tuesday, Musk said that the "outrageous, pork-filled" spending bill will "massively increase the already gigantic budget deficit to $2.5 trillion (!!!) and burden America [sic] citizens with crushingly unsustainable debt". He continued: “Congress is making America bankrupt.”

The Senate, led by Republicans, is expected to consider revisions before a potential vote next month, aiming for passage by the Fourth of July. 

Last year, Elon Musk donated more than $250 million to support Donald Trump's 2024 campaign and played a significant role in Republican fundraising efforts.

The Senate Finance Committee, responsible for tax policy, will meet with former President Donald Trump to discuss making certain business-related tax breaks permanent. Such changes could further inflate the bill's cost, prompting concern among analysts.

Despite Musk's significant influence, Republican House Speaker Mike Johnson brushed off his complaints, saying, "my friend Elon is terribly wrong." The dismissal of Musk's critique highlights the complex dynamics within the Republican Party.

The Trump administration, maintaining its stance, dismissed Musk's critique. White House spokeswoman Karoline Leavitt responded, "Look, the president already knows where Elon Musk stood on this bill. It doesn't change the president's opinion. This is one big, beautiful bill, and he's sticking to it." Such remarks underline the administration's commitment to the bill's passage, despite internal and external criticisms.

Republicans in the Senate are experiencing internal divisions. Some members advocate for deeper spending cuts beyond the $1.6 trillion over a decade proposed in the House version, while others focus on safeguarding Medicaid. Senator Mike Lee, a proponent of deficit reduction, emphasised the necessity of controlling the fiscal deficit, supporting Musk's criticism. "We must commit now to doing so, as this is what voters justifiably expect - and indeed deserve - from the GOP Congress," Lee remarked. These divisions reveal the challenges in unifying the party around a single fiscal strategy.

The Senate's delicate majority—53-47—means they can lose no more than three votes if they hope to pass the legislation with Vice President JD Vance's tie-breaking support. Hardliners like Senators Mike Lee and Ron Johnson call for amendments to restrain debt and deficit growth. Yet, a faction of rural-state Republicans prioritises the protection of Medicaid and investments in green energy projects. These competing priorities illustrate the balancing act required to secure enough support.

Kansas Senator Jerry Moran highlighted the complexity of achieving consensus, stating, "There's a set of my colleagues who are pushing to do more. And so it turns on how do you get the votes to pass a bill." 

(With agency inputs)