Musk criticizes the "Beautiful Big Bill" for increasing budget deficits, and Trump wants to reconsider it.

Trump said on Wednesday that he would revisit certain provisions of the iconic "Beautiful Big Bill," following rare public criticism from Musk. Trump, speaking to reporters in the Oval Office at the White House, said, "We will renegotiate this bill; I am dissatisfied with some aspects but very excited about others." Although he did not directly respond to billionaire tech mogul Musk's criticism, it was clear that he was aware of the rifts within his party and among allies.

In an interview on CBS's "Sunday Morning," Musk expressed his disappointment with the massive spending bill, stating that it "increases the budget deficit and undermines the work being done by the DOGE team."

The "Beautiful Big Bill" passed in the House of Representatives last week by a narrow margin. The bill includes trillions of dollars in tax cuts, extends the 2017 tax cuts, significantly increases defense and border spending, provides funding for large-scale immigrant repatriation, and raises the debt ceiling to $4 trillion.

These are the focal points of Musk's criticism. The full interview with Musk is expected to air on June 1st, and CBS released a clip on Tuesday night showing Musk saying, "I think a bill can be big and beautiful, but I don't know if it can be both big and beautiful at the same time."

This statement highlights the growing policy divergence between Musk and Trump. As a staunch supporter of the "Beautiful Big Bill," Trump defended the bill when questioned by reporters, saying, "It's a beautiful bill because it has everything we need." However, he also admitted, "There are parts I'm not happy with."

According to estimates by the Congressional Budget Office (CBO), the bill could increase federal deficits by $3.8 trillion by 2035. Although the bill does propose cuts to Medicaid and clean energy tax credits, these savings pale in comparison to the expanded defense and immigration enforcement expenditures.

Republican leaders argue that as economic growth and business investments increase, the bill will eventually achieve fiscal neutrality or even reduce deficits. However, independent organizations like the Committee for a Responsible Federal Budget (CRFB) estimate that the bill could add an additional $3 trillion in debt (including interest) over ten years.

DOGE stands for the Department of Government Efficiency, led by Musk, aimed at cutting $1 trillion in federal spending through reforms such as eliminating redundant contracts, reducing foreign aid, and downsizing bureaucracy. Musk noted that the department claims to have successfully saved $1.75 trillion, but the BBC has raised questions about the authenticity of this data.

Musk's criticism is not only a policy disagreement but also reflects the growing distance between him and Trump. He has publicly stated that he will step back from political activities and government work, focusing instead on Tesla and SpaceX. He said, "I will reduce political donations because I feel I've done enough already."

Musk once admitted that he underestimated the complexity of the Washington bureaucratic system. He told The Washington Post, "The problems in the federal government are worse than I anticipated. It's a tough fight."

Source: https://www.toutiao.com/article/1833413136695305/

Disclaimer: This article solely represents the author's views.