June 3 – Elon Musk has unleashed a blistering critique of the Republican-proposed “One Big Beautiful Bill” just days after leaving government service, calling the controversial tax reform package a “disgusting abomination” that will balloon the federal deficit.
Musk’s Social Media Outburst
The Tesla CEO took to his X platform to condemn the legislation that narrowly passed the House 215-214 last month. “Those who voted for this should be ashamed,” Musk wrote, accusing lawmakers of knowingly making harmful decisions. He projected the bill would add $2.5 trillion to the deficit and create “unsustainable debt burdens.”
Musk, a major Republican donor in the 2024 election cycle, threatened political consequences: “Next November, we’ll fire all politicians who betrayed the American people,” referencing the upcoming midterm elections.
White House and Congressional Reactions
White House Press Secretary Caroline Levitt dismissed Musk’s criticism when questioned by NBC News, stating President Trump remains committed to the legislation. Meanwhile, Senate Minority Leader Chuck Schumer (D-NY) surprisingly aligned with Musk, calling the bill “ugly at its core” for prioritizing tax cuts for the wealthy over healthcare.
The legislation proposes significant tax reductions while increasing military and border security spending, offset by cuts to Medicaid, food assistance, education and clean energy programs. It would raise the debt ceiling by $4 trillion, potentially increasing national debt to 125% of GDP.
Republican Divisions Emerge
While Senate Majority Leader John Thune (R-SD) acknowledged disagreement with Musk, the critique emboldened GOP opponents like Rep. Thomas Massie (R-KY), who voted against the bill. Even some supporters admitted the legislation needs substantial Senate revisions.
Notably, Trump ally Rep. Marjorie Taylor Greene (R-GA) expressed regret about her yes vote after discovering an AI regulation provision she claims violates states’ rights. “Had I known, I would have voted no,” Greene stated.
Market and Policy Implications
The bill’s passage initially rattled markets, with the S&P 500 seeing eight of eleven sectors decline. Analysts warn the legislation could add $2.3 trillion to deficits according to Congressional Budget Office estimates, setting the stage for intense midterm election battles over fiscal responsibility.
Musk’s opposition marks a significant break from Republican leadership, though he maintains influence among fiscal conservatives concerned about deficit spending. The Senate now faces pressure to amend the House version before its July 4 target passage date.
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