Musk slams Trump’s bill as path to debt slavery

Tech entrepreneur Elon Musk has sharply criticised the latest Senate bill championed by US President Donald Trump, calling it “utterly insane and destructive” for the American economy.

Musk condemned the bill for raising the US debt ceiling by a historic $5 trillion, warning that it would put America “in the fast lane to debt slavery," Caliber.Az quotes his X post. 

He added that the legislation would devastate millions of American jobs and cause “immense strategic harm” by favouring outdated industries while harming those of the future.

The controversial spending package, dubbed Trump’s “big, beautiful bill,” recently cleared a key procedural hurdle in the Senate on June 28, moving closer to becoming law. The motion to proceed to a final debate passed narrowly with a 51-49 vote, with every Democrat and two Republicans—Sens. Thom Tillis (N.C.) and Rand Paul (Ky.)—opposing it.

If enacted, the bill would cement several of Trump’s 2017 campaign promises, including extensions of his tax cuts such as lower income-tax brackets, increased standard deductions, and a larger child tax credit. It also introduces new tax provisions, including breaks on tip income, overtime pay, auto loans, and a bonus deduction aimed at offsetting Social Security income taxes for older Americans.

However, some of these new tax benefits are temporary, set to expire between 2025 and 2028, potentially impacting taxpayers as soon as the 2026 filing season.

The legislation also includes restrictions on Medicaid, which provides government-sponsored health care for low-income and disabled Americans. 

It shifts partial costs of the food stamp program (SNAP) to states with higher error rates, raises age and work requirements for SNAP eligibility, and introduces a $100 asylum application fee. Additionally, it proposes a 10-year moratorium on state AI regulations tied to federal aid and authorizes the sale of up to 0.5% of certain public lands to help address housing shortages.

By Sabina Mammadli