1 week ago
The world's richest antheral took purpose astatine President Donald Trump’s projected spending package, calling the One Big Beautiful Bill Act a fiscal disaster.
Teslo CEO Elon Musk, the erstwhile caput of the Department of Government Efficiency, near the section arsenic the authorities moved done Congress, informing it marks the largest summation successful the indebtedness ceiling successful U.S. history.
“This spending measure contains the largest summation successful the indebtedness ceiling successful US history! It is the Debt Slavery Bill,” Musk, who ranks No. 1 connected Bloomberg's Billionaires Index, posted connected X connected Wednesday. “I deliberation a measure tin beryllium large oregon it could beryllium beautiful. I don't cognize if it could beryllium both.”
The 1,100-page bill, approved by the House connected May 22, indispensable present negociate the Senate. It pairs $1.2 trillion successful cuts to Medicaid and nutrient assistance with imperishable taxation breaks and $150 cardinal successful caller defence and borderline information funding. The Congressional Budget Office estimates it volition add $2.4 trillion to the shortage implicit the adjacent decade, with immoderate forecasts pointing higher.
The timing is striking: U.S. nationalist debt is already nearing $37 trillion, a historical precocious that has amplified concerns among fiscal conservatives and tech leaders alike. The White House is pushing for Senate transition earlier July 4.
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