'Utterly Insane & Destructive': Elon Musk Slams Donald Trump's Tax & Spending Bill, Warns Of Economic Fallout

Washington: Tesla CEO Elon Musk launched a scathing attack on US President Donald Trump’s latest tax-and-spending bill, calling it “utterly insane and destructive” just as the Senate prepares to debate the nearly 1,000-page legislation.

Musk, who recently stepped down as head of the Department of Government Efficiency (Doge), warned that the proposed bill would decimate future-facing industries and put millions of American jobs at risk.

“The latest Senate draft bill will destroy millions of jobs in America and cause immense strategic harm to our country. It gives handouts to industries of the past while severely damaging industries of the future," Musk posted on X.

The latest Senate draft bill will destroy millions of jobs in America and cause immense strategic harm to our country!

Utterly insane and destructive. It gives handouts to industries of the past while severely damaging industries of the future. https://t.co/TZ9w1g7zHF

— Elon Musk (@elonmusk) June 28, 2025

His comments revive a growing rift between Musk and Trump’s political camp. Earlier this month, Musk also condemned the House version of the bill as a “disgusting abomination.” He added, “Shame on those who voted for it: you know you did wrong. You know it.”

Musk further criticised the bill’s energy policies, echoing a post by Princeton energy systems expert Jesse Jenkins, who said, “The country’s automakers don’t want it. Electric utilities don’t want it. Data centre developers don’t want it. Manufacturers in energy intensive industries don’t want it.”

Musk responded simply, “Good question. Who?”

Good question. Who?

At the same time, this bill raises the debt ceiling by $5 TRILLION, the biggest increase in history, putting America in the fast lane to debt slavery! https://t.co/6WxVgt9pRl

— Elon Musk (@elonmusk) June 28, 2025

Record Debt, Social Cuts and Mass Deportation Plans

The bill proposes a $5 trillion debt ceiling increase, the largest in US history, and combines deep social programme cuts with sweeping new defence and immigration spending.

It includes Trump’s $350 billion border security plan, featuring $46 billion for expanding the border wall, $45 billion for 100,000 migrant detention beds, and bonuses for 10,000 new ICE officers.

Critics warn it lays the groundwork for Trump’s proposed mass deportation programme, which aims to remove up to one million undocumented immigrants annually.

As the July 4 deadline for Senate passage nears, Musk’s opposition adds a high-profile challenge to Republican leaders already under pressure over the bill’s scale, timing and political cost.