Elon Musk has expressed disappointment over the new tax and spending bill recently passed by the US House of Representatives. The bill, promoted by President Donald Trump, includes multi-trillion dollar tax breaks and an increase in defense spending. It now awaits approval in the Senate.
Musk, who worked as a cost-cutting advisor for Trump, said the plan contradicts efforts to reduce government spending. He believes the bill will increase the budget deficit rather than decrease it. Estimates suggest the legislation could add about $600 billion to the deficit in the next fiscal year.
The bill extends tax cuts first introduced during Trump’s initial term and allocates additional funds for defense and immigration enforcement. The legislation passed the House with some opposition from within Trump’s own Republican Party due to concerns over its spending levels.
Musk’s recent comments show a growing distance between him and Trump. Musk previously donated over $250 million to support Trump’s campaign but has since said he will reduce his political donations and step back from his role leading government cost-cutting efforts.
During his time as an advisor, Musk faced criticism for efforts to cut federal jobs and reduce foreign aid. These actions caused protests and affected Tesla’s sales. Despite the backlash, Musk maintained that the spending cuts were necessary.
