One of the world's wealthiest individuals, Elon Musk, CEO of companies like Tesla and SpaceX, harshly criticized President Donald Trump's recent Senate draft on tax and spending legislation on Saturday. He sarcastically dubbed this bill a 'Big Beautiful Bill.'
Musk labeled it as 'totally insane and disastrous,' warning it could cause 'serious strategic harm' to the United States. Using social media platform X, he wrote, 'This Senate draft will obliterate millions of jobs in America and inflict profound strategic damage on our nation.'
Massive Spending Cuts on Medicaid and Food Stamps
Musk stated, 'This bill harms future industries by giving concessions to old ones.' The proposal spans 940 pages, with Republican lawmakers in the Senate hastening its passage under Trump's July 4 deadline. This bill combines massive spending cuts in programs like Medicaid and food stamps with increased funds for tax breaks, defense, and deportation.
Push to Pass the Bill Before July 4
President Trump instructed Republican lawmakers, who currently hold a majority in both the Senate and House, to pass this significant bill before July 4, without holidays. A key component is Trump's $350 billion national security plan, which allocates $46 billion to the US-Mexico border wall, $45 billion for 100,000 immigrant detention beds, and funds the recruitment of 10,000 new ICE officers, each receiving a $10,000 signing bonus.
Plan to Deport One Million People Annually
This comprehensive plan is part of Trump's promise for the largest mass deportation campaign in US history – targeting the deportation of about one million people annually. Republican leaders are leveraging their Senate majority to push the bill past Democratic opposition, though some Republican lawmakers express concern over cuts to programs like Medicaid and food stamps.
