Elon Musk Blasts U.S. Spending Bill as Debt Nears $37T
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James Van Straten
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- 25 minutes read
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By James Van Straten|Edited by Sheldon Reback
Jun 5, 2025, 9:05 a.m.
- Elon Musk said the bill marks “the largest increase in the debt ceiling in US history” and predicts long-term fiscal damage.
- The $1.2 trillion package includes tax cuts, defense boosts and social spending reductions — with a projected $2.4 trillion deficit impact.
The world’s richest man took aim at President Donald Trump’s proposed spending package, calling the One Big Beautiful Bill Act a fiscal disaster.
Teslo CEO Elon Musk, the former head of the Department of Government Efficiency, left the department as the legislation moved through Congress, warning it marks the largest increase in the debt ceiling in U.S. history.
STORY CONTINUES BELOW
“This spending bill contains the largest increase in the debt ceiling in US history! It is the Debt Slavery Bill,” Musk, who ranks No. 1 on Bloomberg’s Billionaires Index, posted on X on Wednesday. “I think a bill can be big or it could be beautiful. I don’t know if it could be both.”
The 1,100-page bill, approved by the House on May 22, must now negotiate the Senate. It pairs $1.2 trillion in cuts to Medicaid and food assistance with permanent tax breaks and $150 billion in new defense and border security funding. The Congressional Budget Office estimates it will add $2.4 trillion to the deficit over the next decade, with some forecasts pointing higher.
The timing is striking: U.S. national debt is already nearing $37 trillion, a historic high that has amplified concerns among fiscal conservatives and tech leaders alike. The White House is pushing for Senate passage before July 4.
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin’s role within the broader financial system.
In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin and Strategy (MSTR).
