U.S. Bankruptcy Forecasted by Elon Musk due to 'One Big Beautiful Bill'
The One Big Beautiful Bill Act, a significant tax and spending law signed by President Trump on July 4, 2025, has sparked a heated debate among lawmakers, fiscal experts, and tech mogul Elon Musk. The bill, projected to add up to $5.1 trillion to the U.S. national debt over the next decade [1], has raised concerns about the country's growing debt and its potential impact on American citizens.
Elon Musk, who recently stepped down from his role leading the Department of Government Efficiency (DOGE), has been vocal in his criticism of the bill. He has labelled it "insane" and "destructive," warning that it could push the federal deficit to $2.5 trillion and create "crushingly unsustainable debt" for Americans [4]. Musk's warnings have sparked fresh outrage and perhaps a new round of political debate.
Senator Mike Lee has echoed Musk's concerns, calling the bill "a huge mistake." Lee argued that the "Big, Beautiful Bill" must go further to address the problem meaningfully, especially if it hopes to pass the Senate [5]. Senator Rand Paul has also joined the chorus of critics, expressing similar reservations about the bill's potential consequences.
The White House, however, defends the bill, calling it vital for preserving tax relief and supporting national interests. White House Press Secretary Karoline Leavitt has defended the bill despite the backlash, insisting that Elon Musk is wrong about its fiscal impact [2]. House Speaker Mike Johnson has suggested that any cuts recommended by the now-defunct DOGE initiative would be handled through Congress's rescissions and appropriations processes [3].
The bill, which extends trillions of dollars in tax cuts from 2017, adds new tax breaks, and partially offsets costs by reducing spending on programs like Medicaid, SNAP (food assistance), and federal student loans [1][3][5], has contributed to a deeper fiscal divide in America. The bill's passage may exacerbate the economic disparities in the country, leading to a more divided nation.
As the debate over the One Big Beautiful Bill Act continues, it remains to be seen whether the bill will meet its intended goals or lead to further economic instability in the United States. One thing is certain: the bill has ignited a fierce political debate that shows no signs of abating anytime soon.
(Note: The Trump team has disowned the '$Trump Wallet' project backed by Magic Eden. This fact is not directly related to the main topic and is provided as additional information.)
References:
- Congressional Budget Office Report on the One Big Beautiful Bill Act
- Joint Committee on Taxation Report on the One Big Beautiful Bill Act
- White House Statement on the One Big Beautiful Bill Act
- Elon Musk's Tweet on the One Big Beautiful Bill Act
- Senator Mike Lee's Statement on the One Big Beautiful Bill Act
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