The post Elon Musk Slams ‘One Big Beautiful Bill’ as a Path to U.S. Bankruptcy appeared first on Coinpedia Fintech News
Elon Musk has reignited the national debate on government spending with a fiery outburst against Congress. Reacting to the newly passed “One Big Beautiful Bill Act,” Musk called it a “disgusting abomination” and warned that it’s pushing the United States toward bankruptcy. In a post on X, he took a jab at this bill and said, “I’m sorry, but I just can’t stand it anymore.” Musk’s controversial statements are not new, and this one is hitting hard, creating a storm inside the white house.
Trillions in New Debt
The bill, championed by President Donald Trump, is projected to add up to $5.1 trillion to the U.S. national debt over the next decade, according to the Committee for a Responsible Federal Budget. Musk echoed those concerns, warning that it would “massively increase the already gigantic budget deficit to $2.5 trillion” and load American citizens with “crushingly unsustainable debt.”
End of DOGE Role, Not the Criticism
Musk’s comments come just days after he stepped down from his role leading the Department of Government Efficiency (DOGE). Though no longer in an official position, he stressed that the mission of DOGE would continue within government structures. His exit didn’t mute his voice, he has strongly objected to the bill despite of congress funding cut initiated on DOGE.
However, Musk isn’t alone in his frustration. Senator Rand Paul echoed Musk’s concerns, calling the bill “a huge mistake.” He criticized the reckless addition of trillions in federal debt and emphasized the need for fiscal discipline. Meanwhile, the White House defended the bill, calling it vital for preserving tax relief. Despite the backlash, White House Press Secretary Karoline Leavitt defended the bill, saying it preserves tax relief and supports national interests.
As America braces for what could be a deeper fiscal divide, Musk’s warnings are sparking fresh outrage and perhaps a new round of political debate.
Not All in Sync….
Meanwhile, House Speaker Mike Johnson pushed back strongly against Elon Musk’s criticism of the new spending bill, suggesting on X that any cuts recommended by the now-defunct DOGE initiative would be formally handled through Congress’s rescissions and appropriations processes. Responding to Musk’s alarm over rising federal debt, Johnson insisted that “with all due respect, Elon is simply wrong about the One Big Beautiful Bill,” signaling deep disagreement over the bill’s fiscal impact.
In response, Senator Mike Lee warned that current government spending has reached a crisis point, especially since 2020, and stressed that it can’t be ignored. While acknowledging that the “Big, Beautiful Bill” is a reconciliation package, he argued it must go further to address the problem meaningfully, especially if it hopes to pass the Senate.
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FAQs
It’s a U.S. budget reconciliation bill proposing tax cuts, spending adjustments, and a $4T debt ceiling increase, potentially adding $5.1T to national debt.
It extends 2017 tax cuts, increases defense spending, cuts Medicaid and SNAP funding, and raises the debt ceiling by $4T.
Musk left DOGE but said its mission will continue in government despite funding cuts.
