The world’s richest man took intention at President Donald Trump’s proposed spending bundle, calling the One Huge Stunning Invoice Act a fiscal catastrophe.
Teslo CEO Elon Musk, the previous head of the Division of Authorities Effectivity, left the division because the laws moved via Congress, warning it marks the biggest improve within the debt ceiling in U.S. historical past.
“This spending invoice incorporates the biggest improve within the debt ceiling in US historical past! It’s the Debt Slavery Invoice,” Musk, who ranks No. 1 on Bloomberg’s Billionaires Index, posted on X on Wednesday. “I feel a invoice may be huge or it might be lovely. I do not know if it might be each.”
The 1,100-page invoice, authorized by the Home on Could 22, should now negotiate the Senate. It pairs $1.2 trillion in cuts to Medicaid and meals help with everlasting tax breaks and $150 billion in new protection and border safety funding. The Congressional Price range Workplace estimates it’ll add $2.4 trillion to the deficit over the following decade, with some forecasts pointing increased.
The timing is putting: U.S. nationwide debt is already nearing $37 trillion, a historic excessive that has amplified issues amongst fiscal conservatives and tech leaders alike. The White Home is pushing for Senate passage earlier than July 4.
