Newsweek NY
  • Business
  • Economics
  • Markets
  • Technology
Subscribe
  • Login
No Result
View All Result
  • Business
  • Economics
  • Markets
  • Technology
No Result
View All Result
Newsweek NY
  • Subscribe
Home Business

Musk Slams Trump’s Tax Bill Over Rising Deficit

Orlando Newkirk by Orlando Newkirk
May 28, 2025
in Business
Elon Musk wearing a tuxedo with a bow tie at a formal event, looking directly at the camera.

Elon Musk criticized President Donald Trump’s main policy program after the House of Representatives passed the sweeping tax and spending bill last week.

Musk expressed his dissatisfaction about the bill on CBS Sunday Morning because the extended tax cuts and increased defense spending through the bill lead to higher federal budget deficits. According to Musk the bill made him disappointed because it failed to reduce the federal deficit. “It increases the budget deficit, not decreases it.”

The government project initiated by Trump as his “big, beautiful bill” will result in $600 billion deficit growth in the next fiscal year according to official projections. A $4 trillion increase to the debt ceiling accompanies large expenditures for deportation operations and military funding in this legislation. The bill will proceed to the Senate where lawmakers will conduct additional discussions.

Musk declared his disappointment about the bill because it destroyed the savings DOGE had reported according to his position as head of the Department of Government Efficiency (DOGE). The work of DOGE team members faces erosion due to this policy. The organization reported $175 billion in savings yet several experts question the accuracy of its calculated figures.

Trump admitted to facing opposition from his party regarding the legislation even though he supported its tax cut measures. The bill generated opposition from House fiscal conservatives which made its approval more challenging.

The billionaire Tesla CEO’s statements about the White House conflict occurred while tensions between him and the administration grew stronger. Musk reduced his political funding and DOGE activities while donating more than $250 million to Trump’s presidential campaign in the previous year. His cost-cutting initiatives received both favorable and unfavorable reactions from the public.

Musk defended his work performance by stating he performed the essential tasks. The Republican Party faces an increasing separation between Trump’s fiscal strategy and Musk’s critical assessment of it.

Tags: Elon Musk
Previous Post

Salesforce Acquires Informatica in $8 Billion Data Push

Next Post

Brazil Sues BYD Over ‘Slave-Like’ Labor Conditions

Related Posts

Two businessmen shaking hands in a modern office environment with bright lighting.
Business

CEO Pay Surged Nearly 10% in 2024 as Profits, Stocks Jumped

Exterior view of a Kohl's retail store featuring the store's name prominently displayed.
Business

Kohl’s Reaffirms Forecast Despite CEO Exit, Tariff Headwinds

Smartphone with the Temu app logo on the screen, surrounded by abstract colorful shapes and binary code.
Business

Temu Parent PDD Sees 50% Profit Drop Amid Tariff Headwinds

BYD Atto 3 electric SUV displayed at an auto show with a modern design and green color.
Business

Brazil Sues BYD Over ‘Slave-Like’ Labor Conditions

A speaker presenting on stage in front of an audience at a conference event with stage lighting.
Business

Nvidia Faces China Headwinds as Investors Eye AI Chip Outlook

Four iPhone 16 models displayed in black, bronze, blue, and silver colors with triple camera setups.
Business

Apple Offers Limited-Time Trade-In Boost for iPhone 16

Next Post
BYD Atto 3 electric SUV displayed at an auto show with a modern design and green color.

Brazil Sues BYD Over ‘Slave-Like’ Labor Conditions

Newsweek NY

© 2025 Newsweek NY. All rights reserved.

Navigate Site

  • Privacy Policy
  • Terms
  • About us
  • Contacts

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Business
  • Economics
  • Markets
  • Technology

© 2025 Newsweek NY. All rights reserved.