Elon Musk Criticizes U.S. Spending Bill as National Debt Approaches $37 Trillion

Elon Musk, the world's richest person, has publicly condemned the proposed U.S. spending bill, labeling it a fiscal catastrophe. The Tesla CEO targeted the One Big Beautiful Bill Act, which includes a historic increase in the debt ceiling. Musk resigned from the Department of Government Efficiency as the bill advanced, warning of its long-term financial repercussions.

The 1,100-page legislation, passed by the House on May 22, combines $1.2 trillion in cuts to social programs with permanent tax breaks and $150 billion in new defense spending. Congressional Budget Office projections indicate it could add $2.4 trillion to the deficit over ten years. The bill now moves to the Senate for approval.

U.S. national debt stands at nearly $37 trillion, fueling concerns among fiscal conservatives and business leaders. The WHITE House is urging swift Senate passage before the July 4 recess. Musk's criticism highlights growing unease about unsustainable government spending and its potential macroeconomic consequences.