Washington, D.C. — Hardline conservative Republicans in the U.S. Senate and billionaire entrepreneur Elon Musk are standing firm against President Donald Trump’s proposed tax-cut and spending bill, pushing for deeper cuts to government spending.
The nonpartisan Congressional Budget Office (CBO) estimated on Wednesday that the bill, which aims to extend Trump’s 2017 tax cuts and increase spending on the military and border security, would add approximately $2.4 trillion to the United States’ $36.2 trillion debt over the next decade. Another independent group, the Committee for a Responsible Federal Budget, warned that the cost could rise to $3 trillion, or even $5 trillion if temporary tax cuts become permanent.
Elon Musk, the world’s richest person and a significant Republican donor in the 2024 election cycle, voiced his concerns on his social media platform, X. “A new spending bill should be drafted that doesn’t massively grow the deficit,” Musk posted. “America is in the fast lane to debt slavery.” Musk, who recently led a government efficiency cost-cutting initiative, has joined forces with Senate deficit hawks who believe the current bill fails to adequately reduce spending.
Republican Senator Ron Johnson of Wisconsin criticized the bill for not curbing the nation’s growing debt. “We need a spending bill that reverses the trajectory of our deficits and debt,” he said.
Despite the pushback, top congressional Republicans remain committed to passing the legislation. Senate Majority Leader John Thune expressed confidence, stating, “We’re a long ways down this track. The wheels are in motion. Failure is not an option. We will get this done, one way or the other.”
Some Republicans downplayed Musk’s influence on the matter. Senator Kevin Cramer of North Dakota commented, “We’re serious policymakers. We have to govern, and so we have to deal with reality.”
The House-passed bill proposes reducing federal revenues by $3.67 trillion over a decade while cutting spending by $1.25 trillion. It also seeks to lift the federal debt ceiling, a necessary step to avoid a potential default this summer.
The 1,100-page legislation includes extensions of corporate and individual tax cuts from 2017, the cancellation of several green-energy incentives introduced during former President Joe Biden’s administration, and stricter eligibility requirements for health and food assistance programs.
The bill also allocates funds for increased immigration enforcement, aiming to add thousands of border guards and enhance deportation capabilities. Additionally, it proposes loosening regulations on firearm silencers.
Democrats have criticized the bill, arguing that it disproportionately benefits the wealthy while reducing support for working Americans. The legislation is now awaiting action in the Senate.
