Elon Musk isn’t holding back how he feels about President Donald Trump’s controversial new bill . He publicly bashed the proposal, saying it would increase the budget deficit.
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Read on for more details about Musk’s critiques of the bill, as well as whether experts believe he’s right or wrong .
Musk’s Critiques of Trump’s Bill
Musk was tasked with reducing government spending as head of the Department of Government Efficiency (DOGE), and per DOGE’s website , it’s saved an estimated $180 billion in waste. However, after departing from DOGE, Musk launched a series of attacks on X aimed at Trump’s “big, beautiful bill,” urging Americans to call their representatives to not let the bill pass.
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Trump’s bill, which has passed in the House of Representatives, aims to deliver an economy that works for working families with tax relief and cost savings, per the House Ways & Means Committee .
Musk, however, isn’t as optimistic, claiming it will increase the budget deficit. On X , Musk wrote, “I’m sorry, but I just can’t stand it anymore. This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You know it.”
He then reshared the post , adding, “It will massively increase the already gigantic budget deficit to $2.5 trillion (!!!) and burden America[n] citizens with crushingly unsustainable debt.”
Here what experts have to say about Musk’s critiques of Trump’s budget proposal.
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Will the Bill Increase the Deficit?
As reported by Fox News , the Congressional Budget Office found that the bill is expected to increase the deficit by $2.3 trillion over the next 10 years. On X, Musk stated it would be more — around $2.5 trillion.
“The proposed bill would absolutely increase the deficit,” said Andrew Lokenauth, a finance expert with Fluent in Finance . However, Lokenauth said that it’s likely the figure is closer to the Congressional Budget Office’s estimate rather than Musk’s.
“We were promised deficit reduction, but instead, we’re seeing the opposite,” said Peter Diamond , a Certified Bankability Expert. “Turns out both Democrats and Republicans are addicted to spending — just in different flavors.”
The Pros and Cons of the Bill
According to Diamond, the entire bill isn’t terrible, but it has problematic parts that are increasing the cost. “While the bill does include some good things — like pushing for efficiency and spending cuts through DOGE — it sidesteps the biggest problem: spending discipline,” he explained.
As reported by PBS , there are cost-saving measures and spending cuts in the bill that amount to $1.3 trillion. However, that is lower than the proposed spending. Per PBS, some Republicans claim that some of this spending will be offset by economic growth, but that’s difficult to predict.
“We’re not solving the core problem; we’re just putting a nicer paint job on the same busted car,” Diamond said.
What About the DOGE Savings?
In the few months Musk spearheaded DOGE, billions were reportedly saved , but it’s not likely it will have a noticeable positive effect on Americans.
“Sure, $180 billion in projected savings sounds great — and some taxpayers will see minor benefits through better transparency and reduced waste, especially from trimming bureaucratic fat,” Diamond said. “But compared to the trillions we’re adding to the deficit, it’s like tossing a bucket of water on a house fire.”
The Debt Ceiling
“Something that’s getting overlooked in this whole mess is the debt ceiling piece,” Lokenauth said.
The debt ceiling, the legal amount of money that the United States can borrow, has a limit of $36.1 trillion, according to the Peter G. Peterson Foundation , and it’s something Trump wants to eliminate.
“It is too devastating to be put in the hands of political people that may want to use it despite the horrendous effect it could have on our Country and, indirectly, even the World,” the president wrote on Truth Social .
However, the bill has plans to increase the debt ceiling by $4 trillion, The Hill reported. “Tying a $4 trillion increase to this bill is actually pretty smart politics — but terrible fiscal policy,” Lokenauth explained.
Ultimately, it remains to be seen what will happen with the bill. It has passed in the House of Representatives but is currently in the Senate.
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com .
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This article originally appeared on GOBankingRates.com : Elon Musk Says Trump’s Bill Will ‘Massively Increase the Already Gigantic Budget Deficit’ — Is He Right?