Skip to content
Trending
September 18, 2025David Tepper says Fed could cut a few more times, but easing too much risks entering ‘danger territory’ September 10, 2025‘We’re all kind of in shock.’ Oracle’s revenue projections leave analysts slack-jawed August 2, 2025Fed Governor Kugler is resigning, giving Trump a nominee on committee that sets interest rates March 7, 2025Broadcom’s report gives the battered AI trade a much-needed win November 18, 2025BXP chief says the office sector has bottomed, but buildings still need to be demolished February 23, 2025Tariffs, immigration and DOGE: What companies are saying about the impact of Trump policies on business May 12, 2025Empty shelves, trucking layoffs lead to a summer recession in Apollo’s shocking trade fight timeline June 28, 2025U.S. growth forecast cut sharply by OECD as Trump tariffs sour global outlook February 7, 2025How one ETF provider is trying to help investors cut exposure to Magnificent 7 stocks April 26, 2025Alphabet adds nearly 2% as search, advertising units show resilient growth
  Sunday 7 December 2025
everydayread.net
  • HOME
  • Bitcoin
  • Business
  • Earnings
  • Economy
  • Finance
everydayread.net
everydayread.net
  • HOME
  • Bitcoin
  • Business
  • Earnings
  • Economy
  • Finance
everydayread.net
  Economy  Musk says Trump’s big bill undermines DOGE; president counters with political reality
Economy

Musk says Trump’s big bill undermines DOGE; president counters with political reality

AdminAdmin—June 2, 20250

Elon Musk criticized President Donald Trump‘s signature spending bill that recently made it through a House vote, saying it counters the work he’s been doing to reduce wasteful government spending.

In an interview to be aired June 1 on “CBS Sunday Morning,” the richest person in the world and the head of the Department of Government Efficiency advisory board said the “big, beautiful bill” will not help the nation’s finances.

“I was, like, disappointed to see the massive spending bill, frankly, which increases the budget deficit, not just decrease it, and undermines the work that the DOGE team is doing,” Musk said in a clip the program shared on social media platform X.

Trump responded Wednesday to the critique from his top campaign donor.

“We had to get it through the House,” Trump said of the massive spending bill. “The House was, we have no Democrats” who supported the package.

“I’m not happy about certain aspects of it,” the president said, “but I’m thrilled by other aspects of it. That’s the way they go.”

The sweeping One Big Beautiful Bill Act is projected to raise the federal budget deficit by $3.8 trillion over the next 10 years, according to the Congressional Budget Office, a nonpartisan agency that conducts economic analysis for Congress. The deficit is on track in 2025 to run close to $2 trillion, with the national debt now at $36.2 trillion.

“I think a bill can be big or it could be beautiful, but I don’t know if it could be both,” Musk said in the CBS clip.

Trump and congressional Republicans counter that the bill reduces spending in key areas and will generate enough growth to compensate for the tax reductions. The legislation, though, is expected to face strong resistance in the Senate.

More stories

Federal job cuts disrupt a stable retirement picture for many workers, including Black Americans

February 28, 2025

Elon Musk says Trump’s spending bill undermines the work DOGE has been doing

May 28, 2025

Here’s where the jobs are for June 2025 — government sector leading the way

July 3, 2025

Most companies are already raising prices or plan to because of tariffs, data shows

June 5, 2025

For his part, Musk has pulled back his DOGE work, saying he plans to focus on running his companies, which include X, Tesla and SpaceX. Musk had been a frequent presence in the White House since Trump’s election.

“DOGE is just becoming the whipping boy for everything,” Musk said in an interview Tuesday with The Washington Post. “So, like, something bad would happen anywhere, and we would get blamed for it even if we had nothing to do with it.”

House Speaker Mike Johnson, R-La., on Wednesday praised DOGE and Musk’s work.

“The House is eager and ready to act on DOGE’s findings so we can deliver even more cuts to big government that President [Donald] Trump wants and the American people demand,” Johnson wrote in a post on X.

Before the House can vote to approve the cuts, however, the White House needs to formally request permission to cancel some of the money that Congress set out for specific programs.

“When the White House sends its rescissions package to the House, we will act quickly by passing legislation to codify the cuts,” said Johnson, using the term for White House requests not to spend money that Congress authorized.

Despite Johnson’s upbeat tone, many of Musk and DOGE’s drastic cuts to government grant programs and the federal workforce have been met with resistance in Congress, including from Republicans whose districts have been hit by the cuts and mass layoffs.

DOGE says it has saved $170 billion in taxpayer money since it began in January by targeting waste and redundancy in government.

But what counts as wasteful spending has proven to be a deeply divisive question.

In February and March alone, DOGE-related moves were responsible for some 275,000 government layoffs, according to Challenger, Gray & Christmas, a consultancy firm.

Musk’s work with Trump, and his frequently incendiary political rhetoric, have also inspired a backlash and widespread protests against his autos business, Tesla.

“People were burning Teslas. Why would you do that? That’s really uncool,” Musk told the Post.

— CNBC’s Erin Doherty and Lora Kolodny contributed.

Gap shares plummet as retailer says tariffs could cost between $100 million and $150 million
Investors are piling into big, short Treasury bets alongside Warren Buffett
Related posts
  • Related posts
  • More from author
Economy

Ukraine, trade, pandas: What China’s Xi and France’s Macron discussed in Beijing

December 6, 20250
Economy

Core inflation rate watched by Fed hit 2.8%, delayed September data shows, lower than expected

December 5, 20250
Economy

Layoff announcements top 1.1 million this year, the most since 2020 pandemic, Challenger says

December 4, 20250
Load more
Read also
Finance

London’s answer to Wall Street gains momentum as major firms sign on

December 6, 20250
Economy

Ukraine, trade, pandas: What China’s Xi and France’s Macron discussed in Beijing

December 6, 20250
Earnings

Week in review: Stocks rise, Meta gets real on metaverse, and Salesforce bounces

December 6, 20250
Business

From the California gold rush to Sydney Sweeney: How denim became the most enduring garment in American fashion

December 6, 20250
Finance

Is bitcoin really digital gold? In 2025, the leading crypto has failed to answer that question

December 5, 20250
Economy

Core inflation rate watched by Fed hit 2.8%, delayed September data shows, lower than expected

December 5, 20250
Load more
    © 2022, All Rights Reserved.
    • About Us
    • Advertise With Us
    • Contact Us
    • Disclaimer
    • Cookie Law
    • Privacy Policy
    • Terms & Conditions