A significant political and fiscal battle is unfolding as billionaire entrepreneur Elon Musk has launched an aggressive public campaign against President Donald Trump’s major spending and tax bill, dubbed the “One, Big, Beautiful Bill.” Musk, utilizing his extensive reach on the social media platform X, has urged Americans to “KILL THE BILL,” warning that its passage would “bankrupt America” and massively inflate the national debt. This direct challenge comes just days after Musk concluded a 130-day stint leading the White House’s Department of Government Efficiency (DOGE), tasked with cutting wasteful federal spending.

Musk’s criticisms are pointed, describing the bill as “a disgusting abomination” and the “Debt Slavery Bill.” He contends it would increase the debt ceiling by an unprecedented $5 trillion and could swell the budget deficit to $2.5 trillion. Despite these strong condemnations and Musk's considerable influence, including being the largest Republican donor in the 2024 election cycle, the White House remains resolute. Press Secretary Karoline Leavitt stated that Trump is committed to passing the legislation, setting a target date of July 4th.

The financial implications of the bill are a central point of contention. According to an analysis by the non-partisan Congressional Budget Office (CBO), Trump’s signature tax bill is projected to add $2.4 trillion to America’s national debt over the next decade. The CBO found that the bill would decrease federal revenues by $3.67 trillion while cutting spending by $1.25 trillion through 2034, against the backdrop of a current national debt standing at $36 trillion. Some independent analysts have warned that the actual addition to the debt could climb as high as $4 trillion if certain deficit triggers and assumptions are not met. The legislation also includes a crucial hike to the nation's borrowing cap, which Treasury officials indicate must pass before August to avert a first-ever U.S. debt default.

The political fallout from Musk's opposition is palpable. His campaign threatens Republican unity, especially with midterms approaching, and he has warned he might support efforts to unseat lawmakers who back the bill. House Speaker Mike Johnson publicly stated that Musk was “flat wrong” on the bill's financial figures and mentioned an unsuccessful attempt to contact the billionaire. Musk retorted on X, emphasizing the need for “a new bill that doesn’t grow the deficit.” President Trump also subtly engaged, sharing a screenshot on Truth Social of Musk previously thanking him, perhaps as a reminder of past collaboration. However, some Republican figures, like Senator Kevin Cramer of North Dakota, have dismissed Musk's concerns, asserting that policymakers must “deal with reality” and govern. The bill has already passed the House of Representatives, with only three Republicans breaking ranks, and is currently under debate in the Senate, where it faces opposition from some Republican fiscal conservatives.

While Musk frames his opposition primarily around concerns of irresponsible governance, stating that “No one who actually reads the bill should be able to stomach it,” some observers note potential personal motivations. Provisions within the bill could negatively impact his companies, Tesla, by cutting electric vehicle subsidies, and SpaceX, concerning federal contracts.

Beyond the fiscal debates surrounding Trump's bill, Wednesday also saw several other key developments from the Trump administration and related U.S. political news:

International Relations and Security: President Trump engaged in an extended discussion with Russian President Vladimir Putin regarding the situation in Ukraine. Trump reportedly conceded that the talks would not lead to “immediate peace” and warned that Russia would respond to Ukraine’s recent successful attacks on its airfields. In a separate move, the U.S. administration doubled tariffs on foreign steel and aluminum imports to 50%. President Trump stated this measure is intended to revive the American industry, despite facing criticism from key trading partners.

Immigration Policy Shifts: Senior U.S. immigration officials instructed rank-and-file Immigration and Customs Enforcement (ICE) officers to significantly ramp up enforcement activities. Officers were told to “turn the creative knob up to 11,” which included interviewing and potentially arresting individuals referred to as “collaterals,” even if they lacked warrants. An internal agency email, viewed by the Guardian, declared, “We complained for the last four years about not being allowed to do our job, and now the time has come for us to step up!”

Education Sector Controversies: The Department of Education notified Columbia University’s accreditor of an alleged violation of federal anti-discrimination laws by the Ivy League institution. This development suggests that, in the Trump administration’s assessment, Columbia has “failed to meet the standards” set by accrediting bodies, potentially jeopardizing its eligibility for federal student loans and various federal grants. Separately, Education Secretary Linda McMahon stated she was unsure if teaching students about two of the most notorious racist episodes in U.S. history would contravene the Trump administration’s policies against diversity, equity, and inclusion (DEI).

Other Notable Events: The BBC defended its Gaza war coverage, accusing the White House of misrepresenting its journalism after the Trump administration criticized a report on a deadly strike near a U.S.-backed aid site. On the international front, UK Prime Minister Keir Starmer expressed hope that a trade deal with the U.S. could come into effect “in just a couple of weeks.” Additionally, a federal judge in Colorado temporarily blocked the Trump administration from deporting the family of the man charged in the attack in Boulder, Colorado.