coinpedia 2025-05-28 06:54:47

Elon Musk Turns Against Trump Over Budget Blowout, Says It Undermines DOGE

The post Elon Musk Turns Against Trump Over Budget Blowout, Says It Undermines DOGE appeared first on Coinpedia Fintech News Tech billionaire Elon Musk has once again made headlines by publicly voicing his frustration over an important government spending and tax cut bill. The outspoken SpaceX and Tesla CEO, who has invested nearly $300 million into Donald Trump’s 2024 presidential campaign and Republican-aligned causes via his America PAC, expressed disappointment in the legislation during a recent Bloomberg interview. “I was, disappointed to see the massive spending bill, frankly — which increases the budget deficit, not just decreases it — and undermines the work that the Doge team is doing,” Musk said, referencing the Department of Government Efficiency, an agency he’s informally led as a special government employee under the Trump administration. The bill, branded by Trump as “one big, beautiful bill,” narrowly passed the House by a single vote but faces considerable challenges in the Senate. The proposed bill includes several of Trump’s campaign promises, such as extending the 2017 tax cuts, eliminating federal income taxes on tips and overtime pay, and allocating $50 billion to resume construction of the U.S.-Mexico border wall. At the same time, it would cut federal spending by more than $1.5 trillion over the next decade, including reductions to food assistance programs and Medicaid. The Congressional Budget Office has warned that these cuts could leave more than 8 million Americans without health insurance. While Musk remains a key backer of Trump’s economic and innovation agendas, his public criticism signals growing unease among prominent business leaders about the fiscal direction of the current administration. Some GOP insiders worry that continued clashes over spending could complicate fundraising efforts and policy negotiations ahead of the 2026 midterms, where Republican congressional majorities are already tenuous.