Tags: elon musk | trump | tax | bill | doge | budget

Musk 'Disappointed' With Trump-Backed Tax & Spending Bill

Musk 'Disappointed' With Trump-Backed Tax & Spending Bill
Tesla and SpaceX CEO Elon Musk listens as then-Republican presidential nominee and former President Donald Trump speaks at a campaign event at the Butler Farm Show, Oct. 5, 2024, in Butler, Pa. (Alex Brandon/AP)

By    |   Wednesday, 28 May 2025 10:54 AM EDT

Elon Musk is not entirely happy with the tax and spending bill backed by President Donald Trump, Politico reports.

In a CBS interview excerpt, the billionaire, who has been overseeing the Department of Government Efficiency, says spending in the bill contradicts DOGE.

“I was disappointed to see the massive spending bill, frankly, which increases the deficit, not just decreases it, and undermines the work that the DOGE team is doing,” the Tesla CEO told “CBS Sunday Morning,” with the full interview set to run on June 1.

“I think a bill can be big, or it can be beautiful — but I don’t know if it can be both, in my personal opinion,” Musk said of the bill, which narrowly passed the House of Representatives.

Musk launched DOGE with the goal of saving taxpayers $2 trillion. Instead, by cutting or paring back 11 federal agencies and eliminating 250,000 government jobs, DOGE has reduced the U.S. budget by $160 billion.

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The remarks by Musk, a Trump supporter, could possibly impact prospects for the “Big Beautiful Bill” in the upper chamber, where it could face challenges.

Sen. Ron Johnson, R-Wisconsin, wants further budget cuts, while other Republicans argue the Medicaid cuts in the bill go too far. A handful of GOP legislators support some of the Biden administration’s Inflation Reduction Act tax credits and do not want them eliminated.

The spending bill is the centerpiece of Trump's domestic policy agenda and could define his second term in the White House.

Independent analysts have warned it would increase the deficit by as much as $4 trillion over a decade.

In a separate interview with The Washington Post, Musk, who founded and runs both Tesla and SpaceX, looked back on his work leading the reforms, in which many civil servants lost their jobs with little or no warning.

"The federal bureaucracy situation is much worse than I realized," he said. "I thought there were problems, but it sure is an uphill battle trying to improve things in DC, to say the least.”

Musk announced in late April he was stepping back from government to run his companies again.

He said in May that he did not achieve all his goals with DOGE even though tens of thousands of people were removed from government payrolls and several government departments were gutted or shut down altogether.

Musk told The Post he would keep working with DOGE but focus on upgrading federal government computer systems rather than firing more people.

With reporting by AFP

Lee Barney

Lee Barney, Newsmax’s financial editor, has been a financial journalist for 30 years, covering the economy, retirement planning, investing and financial technology.

© 2025 Newsmax Finance. All rights reserved.


StreetTalk
Elon Musk is not entirely happy with the tax and spending bill backed by President Donald Trump, Politico reports.
elon musk, trump, tax, bill, doge, budget
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2025-54-28
Wednesday, 28 May 2025 10:54 AM
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