Washington, D.C. – Billionaire tech magnate Elon Musk and a group of hardline Senate Republicans are turning up the heat on President Trump's flagship tax-cut and spending bill, warning it could saddle the U.S. with trillions more in debt.
Clear-cut numbers are fueling the debate. The nonpartisan Congressional Budget Office estimates Trump's plan – which would extend the 2017 tax cuts while boosting military and border spending – will tack about $2.4 trillion onto the nation's $36.2 trillion debt over the next decade. When interest costs are included, watchdogs say the total bill could reach $3 trillion, or even $5 trillion if some tax breaks become permanent.
Musk, who led a government efficiency project earlier this year, took to X to demand stronger cuts. He argued the current draft fails to reverse the trajectory of rising deficits, warning the U.S. is headed for 'debt slavery'. Senate deficit hawks like Ron Johnson of Wisconsin echoed that call, saying any new spending measure must tackle long-term fiscal health.
But top Republican lawmakers, including Senate Majority Leader John Thune, brushed off the billionaire's critiques. Thune told reporters that failure is not an option and the wheels are already in motion to pass the legislation. Other senators labeled Musk's influence 'amusing' but irrelevant to their policy priorities.
At its core, the 1,100-page bill extends corporate and individual tax cuts, cancels many green-energy incentives, lifts the debt ceiling and tightens eligibility for social programs. It also ramps up border enforcement, adds tens of thousands of guards and loosens regulations on firearm silencers. Critics say the package disproportionately benefits wealthier Americans while cutting help for lower-income families.
For global markets and young entrepreneurs, the stakes are high. U.S. fiscal policy drives everything from interest rates to investor confidence – rippling through emerging markets and tech hubs worldwide. As digital-savvy audiences track these debates, the outcome will signal how the world's largest economy balances growth with responsible spending.
The bill now moves to the Senate floor, where lawmakers will face a choice: heed Musk and the deficit hawks or stick with Trump's vision for an expanded military, tighter borders and sustained tax relief. Wherever you stand, the next few weeks will reveal how U.S. leaders plan to steer the country's financial future – and its global impact.
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Musk, hardline U.S. Republicans attack Trump tax-cut and spending bill
cgtn.com
