Elon Musk, CEO of Tesla and SpaceX, criticized President Donald Trump's "One Big Beautiful Bill Act." Musk called the bill a "disgusting abomination" on social media platform X.
Musk stated the bill would add $2.5 trillion to the national debt. He expressed concern that the legislation would undermine the work of the Department of Government Efficiency (DOGE).
Following the bill's passage in the House of Representatives, Musk proposed forming a new political party, tentatively named "The America Party." A poll on X showed 80% support for the idea.
The "One Big Beautiful Bill Act" includes over $4.5 trillion in tax cuts. It also increases funding for border security and national defense by $350 billion. The bill proposes spending cuts and raises the national debt limit by $4 trillion.
The Senate is expected to vote on the revised bill by July 4, 2025. The bill faces resistance from Democrats and some Republicans. Elon Musk's criticism adds to the opposition.