Intel stock extends gains after report of possible U.S. government stake
Investing.com -- Elon Musk, CEO of Tesla Inc (NASDAQ:TSLA) and SpaceX, criticized President Donald Trump’s newly passed "big beautiful bill," voicing frustration over its scale and impact on the federal deficit. Posting on X, Musk called the legislation "pork-filled" and “a disgusting abomination," continuing, “Shame on those who voted for it: you know you did wrong.”
The bill, which includes broad tax cuts along with reductions to Medicaid and food assistance, passed the House by a single vote and is now being scrutinized in the Senate, where further revisions are possible. Critics like Musk argue that the package would add to the national debt without offering a meaningful path to fiscal sustainability.
The legislation is projected to increase deficits by $2.7 trillion through 2034 compared with maintaining current policies, though official scoring from the Congressional Budget Office has not yet been released. Supporters within the GOP contend the tax provisions will stimulate economic growth, helping to narrow the gap over time.
Musk’s remarks reflect continued concern among hawkish conservatives about the trajectory of U.S. government spending. “It will massively increase the already gigantic budget deficit to $2.5 trillion and burden America citizens with crushingly unsustainable debt,” he wrote.
The comments come shortly after Musk stepped away from his leadership role at the Department of Government Efficiency (DOGE), an initiative aimed at cutting wasteful and nonessential spending. Musk has since returned to a more active role at Tesla and his other companies, but has seemingly retained his outspoken presence in policy discussions.
White House Press Secretary Karoline Leavitt, addressing Musk’s statements, reaffirmed the administration’s backing of the bill. “The president already knows where Elon Musk stood on this bill. It doesn’t change the president’s opinion…this is one big beautiful bill, and he’s sticking to it.”