Republican Tax Bill Slammed by Elon Musk for Its Deficit Increase: 'A Despicable Monstrosity'
In a candid critique on Varney & Co., Sen. Rand Paul voices his concerns about the Trump tax bill.
Billionaire entrepreneur Elon Musk shared his disdain for the "monumental, reckless spending bill" the Trump administration and GOP lawmakers are spearheading, nicknaming it a "despicable monstrosity" for its foreseen impact on the budget deficit.
Musk, a former advisor to the Department of Government Efficiency (DOGE), and a close ally of the Trump administration, vocalized his disapproval via X.
"The sheer audacity of this bloated, extravagant, corruption-laden Congressional spending bill is incomprehensible. Shame on those who supported it, knowing full well that it is morally and financially wrong," Musk wrote.
"It will push the already astronomical budget deficit to a staggering $2.5 trillion (!!!) and burden American taxpayers with an avalanche of debt they can scarcely afford."
COUNCIL OF ECONOMIC ADVISERS: BILL PASSED BY HOUSE WOULD INCREASE DEBT BY $2.3 TRILLION OVER A DECADE
Recognizing the DOGE's efforts to trim the budget deficit, Elon Musk denounces the One Big Beautiful Bill Act for its propensity to swell deficits.
The legislation, dubbed the One Big Beautiful Bill Act, secured a vote in the House in late May, thanks predominantly to Republican support. Only two Republicans abstained due to worries about the bill's rising national debt.
Senate Republicans are examining potential adjustments to the measure as they ready for the bill's passage, potentially setting the stage for a heated amendment process within the Senate, which boasts a slim 53-47 Republican majority. However, they will require 51 votes to push the bill through via reconciliation, granting them limited leeway for dissent.
Sen. Rand Paul, R-Ky., has signaled his intention to vote against the bill due to the debt ceiling increase, while Sen. Ron Johnson, R-Wis., desires more spending cuts before lending his support.
JPMORGAN CHASE CEO: U.S. DEBT AND DEFICITS REMAIN A MAJOR CONCERN
Echoing Musk's stance on the tax cut package, Elon Musk upholds the Trump administration's spending cuts initiatives but views the tax bill as a backward step due to its implications for the budget deficit.
White House Press Secretary Karoline Leavitt was asked whether Musk's criticism influences President Donald Trump's sentiments towards the bill, given Musk's stature as an advisor and steadfast Trump supporter.
"Look, the President is already aware of Elon Musk's position on this bill," Leavitt explained during a press briefing on Tuesday.
"It hardly changes the President's view. This is the One Big Beautiful Bill, and he remains committed to it."
This report includes contributions from Fox News Digital's Alec Schemmel.
- Sen. Rand Paul has signaled his intention to vote against the One Big Beautiful Bill Act due to concerns about the debt ceiling increase.
- Elon Musk, a close ally of the Trump administration and a former advisor to the Department of Government Efficiency, denounces the One Big Beautiful Bill Act for its propensity to swell deficits.
- According to the Council of Economic Advisers, the bill passed by the House would increase debt by $2.3 trillion over a decade.
- JPMorgan Chase CEO expresses concern about the US debt and deficits, aligning with Elon Musk's stance against the tax cut package.
- Billionaire entrepreneur Elon Musk views the tax bill as a backward step due to its implications for the budget deficit, upholding the Trump administration's spending cuts initiatives.
