The realm’s richest man took goal at President Donald Trump’s proposed spending kit, calling the One Gargantuan Magnificent Invoice Act a fiscal catastrophe.
Teslo CEO Elon Musk, the ragged head of the Division of Government Efficiency, left the division because the legislation moved by Congress, warning it marks the biggest magnify in the debt ceiling in U.S. history.
“This spending bill consists of the biggest magnify in the debt ceiling in US history! It is a long way the Debt Slavery Invoice,” Musk, who ranks No. 1 on Bloomberg’s Billionaires Index, posted on X on Wednesday. “I assert a bill would perhaps even be large or it would be shapely. I ruin no longer know if it would be each and every.”
The 1,100-page bill, accredited by the Residence on Might maybe perhaps well just 22, must now negotiate the Senate. It pairs $1.2 trillion in cuts to Medicaid and food assistance with everlasting tax breaks and $150 billion in new protection and border security funding. The Congressional Funds Space of business estimates this could occasionally maybe add $2.4 trillion to the deficit over the following decade, with some forecasts pointing better.
The timing is striking: U.S. national debt is already nearing $37 trillion, a historic high that has amplified considerations among fiscal conservatives and tech leaders alike. The White Residence is pushing for Senate passage sooner than July 4.
