Tesla CEO and the world’s richest man, Elon Musk, has spoken out against the US Senate’s latest tax and spending bill. He warned that the proposed legislation could cause serious long-term damage to America’s economy and future.
Recently, Musk posted his views on X (formerly Twitter), saying, “The latest Senate draft bill will destroy millions of jobs in America and cause immense strategic harm to our country!”
He added, “Utterly insane and destructive. It gives handouts to industries of the past while severely damaging industries of the future.”
Past Clashes with Trump Resurface
Musk’s latest criticism comes just weeks after he publicly disagreed with former President Donald Trump over this very bill. The legislation, known as the “Big, Beautiful Bill,” is a central part of Trump’s economic agenda. Although the two men later made peace, Musk has remained a vocal opponent.
Senate Rushes to Meet July 4 Deadline
The US Senate is preparing for a crucial vote on the bill this Saturday. Republicans are pushing to pass it before Independence Day on July 4. They are using their majority in the Senate to move it forward.
The bill includes tax cuts, reductions in federal spending, and an increase in funding for border enforcement and deportations. These elements align closely with Trump’s priorities.
Republican Doubts Over Budget Cuts
Despite Republican control, not all members of the party fully support the bill. Some senators are concerned about its impact on key public services.
The proposed law would cut funding for Medicaid, food stamps, and other safety-net programmes. This has made several lawmakers hesitant, fearing it could harm low-income families.
What the 940-Page Bill Contains
The current version of the bill runs 940 pages. It offers tax breaks to certain industries and reduces government spending on healthcare and welfare programmes. At the same time, it increases investment in national defence and immigration enforcement.
Supporters say it will boost the economy and strengthen national security. Critics argue it shifts focus away from future industries and essential services.
Trump Pressures Republicans for Quick Passage
US President Donald Trump is putting pressure on Republican lawmakers in both the House and the Senate. He wants the bill passed before July 4 to claim a major legislative victory.
Because of this, senators are working through the weekend to finalise the draft. Once approved by the Senate, it will return to the House for a final vote.
Democrats Strongly Oppose the Bill
Meanwhile, Democrats remain firmly opposed. They argue that the bill will hurt vulnerable Americans, cut essential services, and damage long-term innovation.
Musk’s comments add weight to their concerns, especially as he is a major figure in the tech and business world.
Overall, the Senate’s race to pass the “Big, Beautiful Bill” has drawn sharp criticism from Elon Musk. While Republicans aim to approve it before July 4, internal doubts and strong opposition from Democrats make its future uncertain. As Musk warned, the bill could affect not only current jobs but also the industries that will shape America’s future.