Elon Musk Criticizes Donald Trump’s Major Spending Bill, Calling It ‘Harmful to America’s Finances’

Billionaire Elon Musk intensified his criticism of US President Donald Trump’s prominent tax cut and spending legislation, urging lawmakers to ‘terminate the bill’. He argued that it would lead America into ‘debt slavery’. This comes shortly after the Tesla and SpaceX CEO concluded his role overseeing the Department of Government Efficiency (DOGE) cost-reduction initiative.

“Contact your Senator, Contact your Congressman, Bankrupting America is NOT acceptable! KILL the BILL,” Musk expressed in a series of messages on his social media platform X.

Contact your Senator,

Contact your Congressman,

Bankrupting America is NOT acceptable!

KILL the BILL

— Elon Musk (@elonmusk) June 4, 2025

In response to a user, Musk indicated that the proposed legislation “completely undermines all the cost savings achieved” through the DOGE initiative at “great personal cost and risk”.

It completely undermines all the cost savings achieved by the @DOGE team at great personal cost and risk

— Elon Musk (@elonmusk) June 4, 2025

Musk, in another tweet, remarked that it includes the “largest increase in the debt ceiling in US history!” He labelled it as the “Debt Slavery Bill.”

This spending bill includes the largest increase in the debt ceiling in US history!

It is the Debt Slavery Bill. https://t.co/7EEyUEha1q

— Elon Musk (@elonmusk) June 4, 2025

He also proposed that a new spending bill should be created, one that doesn’t “massively increase the deficit and raise the debt ceiling by 5 TRILLION DOLLARS”.

A new spending bill should be created that doesn’t massively increase the deficit and raise the debt ceiling by 5 TRILLION DOLLARS

— Elon Musk (@elonmusk) June 4, 2025

On Wednesday, the nonpartisan Congressional Budget Office projected that Trump’s self-described ‘big, beautiful bill’ will add nearly $2.4 trillion to the $36.2 trillion US debt, according to Reuters.

The Committee for a Responsible Federal Budget mentioned that its cost could reach $3 trillion over a decade when accounting for interest payments. It could even escalate to $5 trillion if temporary tax cuts are made permanent.

The bill is currently in the Senate after managing to pass the House by a narrow margin recently.

It aims to extend President Trump’s 2017 tax cuts while also boosting spending for the military and border security.

Musk joined the Trump administration with the aim of reducing $2 trillion in federal spending. He resigned last week after achieving only a small portion of that goal.

According to the CBO forecast, the House-passed 1,100-page bill is expected to lower the US government’s revenues by $3.67 trillion over a decade while cutting spending by $1.25 trillion.