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

The richest man in the world has targeted the spending package proposed by President Donald Trump, calling the One Big Beautiful Bill Act a financial disaster. Tesla CEO Elon Musk, the former director of the Office of Management and Budget, left the department as the law was passed by Congress, warning that this is the largest increase in the debt ceiling in U.S. history. "This spending bill includes the largest increase in the debt ceiling in U.S. history! It is the Debt Slave Bill," Musk, ranked number 1 on Bloomberg's Billionaires Index, posted on X on Wednesday. "I think a bill can be big or it can be beautiful. I don't know if it can be both."

The 1,100-page bill, which passed the House of Representatives on May 22, now has to be negotiated with the Senate. The bill combines $1.2 trillion in Medicaid cuts and food assistance with permanent tax breaks and $150 billion in new defense and border security funding. The Congressional Budget Office estimates the bill will add $2.4 trillion to the deficit over the next decade, with some projections pointing higher. This is a noteworthy moment: The national debt of the United States is nearing 37 trillion dollars, a historic high that has raised concerns among financial conservatives and technology leaders. The White House is pushing the Senate to pass it before July 4.