The world's wealthiest man aimed at President Donald Trump's proposed spending package and called one big, beautiful act of bill a fiscal disaster.
Teslo CEO Elon Musk, former director of the government's Department of Efficiency, warned that he left the department and marked the largest increase in the largest debt cap in US history as laws moved through Congress.
“This spending bill includes the largest increase in debt caps in US history! It's the debt slavery law,” Musk, ranked number one on Bloomberg's billionaires index, appeared on X on Wednesday. “I think the bill will grow, or maybe it's beautiful. I don't know if it's both.”
The 1,100-page bill approved by the House of Representatives on May 22nd must now negotiate the Senate. It pairs Medicaid and $1.2 trillion cuts to food aid cuts with permanent tax credits and $150 billion in new defense and border security funds. The Congressional Budget Office estimates that $2.4 trillion will be added to the deficit over the next decade, with some forecasts noting that it is higher.
The timing is impressive. The US national debt is already approaching $37 trillion. This is a historic high that enjoys concerns among fiscal conservatives and technical leaders. The White House is seeking to pass the Senate by July 4th.