In a recent conversation, Elon Musk, the billionaire tech entrepreneur, shared his disenchantment with the vast expense of the tax bill introduced by former President Donald Trump, a piece of legislation that has garnered significant attention. It was on May 22nd that the House passed this substantial bill by a marginal vote of 215-214. The legislation is aimed at extending Trump’s 2017 tax cuts, increasing investment in defense and border security, as well as enacting new conditions for the Supplemental Nutrition Assistance Program, alongside several other measures.
The former president has notably flagged this piece of legislation as a ‘big, beautiful’ bill. Musk’s reaction to the excessive spending in the bill, however, differed significantly. In his own words, ‘I was disappointed to see the massive spending bill, frankly, which increases the budget deficit, not just decreases it, and undermines the work that the DOGE team is doing.’
The new legislation has drawn critiques not only for its hefty cost but also for its potential to amplify the budget deficit, which Musk found disappointing in the conversation. Musk’s statement reflects concern over the potential undermining of efforts by the DOGE team stemming from the impact of the bill.
The implications of this massive spending bill are extensive. The Congressional Budget Office, a non-partisan entity, projected that the bill would likely augment the national debt by approximately $3.8 trillion over the forthcoming decade. This forecast increased Musk’s concern over the fiscal weight of the bill.
‘I think a bill can be big or it can be beautiful, but I don’t know if it can be both. My personal opinion,’ Musk expressed during the dialogue. This sentiment reveals Musk’s skepticism about the notion of a political bill being both expansive and commendable simultaneously.
Beyond his role as a tech entrepreneur, Musk has actively pursued measures to trim down governmental spending and reduce the federal workforce’s size. The substantial cost and potential economic ramifications of the bill seemingly contrast with his ongoing fiscal endeavors and efficiencies.
The next step for the billed legislation resides within the Senate. The lawmakers in the upper chamber are anticipated to make changes in the document that has now been handed over from the House.