Criticism Intensifies After Leaving Trump Administration
On Tax Cut Bill: "It Will Bankrupt America"
As President Donald Trump pushes forward with a large-scale tax cut bill that has ultimately passed the U.S. House of Representatives, concerns are growing that it will increase the U.S. fiscal deficit, fueling a wave of criticism. Elon Musk, CEO of Tesla, who recently left the White House, has also joined the chorus of criticism, saying the bill is "bankrupting America."
On the 3rd (local time), CEO Musk harshly criticized the Trump administration's tax cut bill on X (formerly Twitter). Musk said, "Sorry, but I can't take it anymore," adding, "This enormous, outrageous, and wasteful congressional budget bill is disgusting and abhorrent." He continued, "Those who voted for this bill should be ashamed. You know you did wrong," directly criticizing the House members who passed the bill.
Elon Musk, CEO of Tesla (left), is watching U.S. President Donald Trump speaking in the White House Oval Office on February 11 (local time). Photo by Reuters
He asserted, "It will cause the already massive fiscal deficit to soar by $2.5 trillion, placing an unbearable debt burden on the American people." A few minutes later, he shared another post documenting the increase in the U.S. fiscal deficit, emphasizing, "Congress is bankrupting America."
Thomas Massie, a Republican House member who voted against the tax cut bill in the House, replied to Musk's post, saying, "He is right." Musk then reshared this reply, adding, "Simple math."
However, the White House downplayed CEO Musk's criticism. White House spokesperson Karoline Leavitt said during a briefing that day, in response to a question about Musk's comments, "The President already knows where CEO Musk stands on this bill," adding, "That does not change the President's opinion."
President Trump handing over the 'Golden Key' gift to Musk on the 30th of last month (local time). Photo by AFP Yonhap News
In last year's presidential election, CEO Musk contributed at least $132 million (about 183 billion won) to Trump's victory, becoming a key figure in his election. He was subsequently appointed head of the Department of Government Efficiency (DOGE), leading federal government restructuring and budget and spending cuts. Serving as a 'special official,' he completed 130 days of service before his term ended late last month. On May 30, President Trump held a farewell ceremony at the White House and presented CEO Musk with a 'Golden Key' as a gift.
However, on the night before announcing the end of his DOGE term, CEO Musk criticized President Trump's tax cut bill in a televised interview, saying he was "disappointed to see a large-scale spending bill that increases the fiscal deficit."
The bill criticized by CEO Musk is the tax cut bill President Trump has dubbed the 'One Big Beautiful Bill Act.' It passed the House on May 22. The bill includes provisions to extend key clauses of the tax cut law set to expire at the end of this year. It also contains a reduction in the top corporate tax rate, as well as cuts to Medicaid, food assistance, education, and clean energy subsidies.
The bill has passed the House and is currently under review in the Senate. However, it is facing criticism not only from Democrats but also from some Republican senators. According to the Financial Times (FT), if the bill is implemented as is, the U.S. national debt is expected to increase by more than $3.3 trillion (about 4,550 trillion won) over the next 10 years. Republican leadership aims to pass the bill by July 4.
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