Elon Musk Slams Trump Spending Bill as Debt Ceiling Hike

Elon Musk, the CEO of Tesla and the world's richest man, has criticized President Donald Trump’s proposed spending package, dubbing it the "One Big Beautiful Bill Act" a fiscal disaster. Musk, who previously served as the head of the Department of Government Efficiency, expressed his concerns as the legislation progressed through Congress, highlighting that it represents the largest increase in the debt ceiling in U.S. history.

Musk took to X on Wednesday to voice his disapproval, stating, “This spending bill contains the largest increase in the debt ceiling in US history! It is the Debt Slavery Bill.” He further commented, “I think a bill can be big or it could be beautiful. I don't know if it could be both.”

The 1,100-page bill, which was approved by the House on May 22, is now awaiting negotiation in the Senate. The bill proposes $1.2 trillion in cuts to Medicaid and food assistance, permanent tax breaks, and $150 billion in new defense and border security funding. According to the Congressional Budget Office, this legislation is expected to add $2.4 trillion to the deficit over the next decade, with some forecasts suggesting an even higher figure.

The timing of this debate is particularly noteworthy as the U.S. national debt is approaching $37 trillion, a historic high that has raised alarms among fiscal conservatives and tech leaders. The White House is urging the Senate to pass the bill before July 4.

Musk's criticism underscores the growing concern among influential figures about the fiscal implications of the proposed spending package. His remarks come at a critical juncture, as the U.S. grapples with record levels of national debt and the potential long-term economic impacts of such a significant increase in spending.