Elon Musk Attacks Trump’s Spending Bill, Yet Again – Warns of Interest-Only Government

Elon Musk escalated his criticism of President Donald Trump’s “one big beautiful bill” on Wednesday, aiming at what he described as reckless fiscal policy.

“If the massive deficit spending continues, there will only be money for interest payments and nothing else!” Musk posted early Wednesday on X, his social media platform.

The outburst follows a sharper message Tuesday from the outgoing head of the Department of Government Efficiency (DOGE). “I'm sorry, but I just can't stand it anymore. This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination,” he wrote, adding, “Shame on those” in the House who backed it.

Musk’s grievances reportedly run deeper than fiscal hawkishness. According to an ABC News report, the Tesla and SpaceX CEO has privately objected to the Trump administration’s proposed rollback of electric vehicle tax credits – a move that could disproportionately harm Tesla.

Musk has also voiced frustration over Trump officials striking artificial intelligence (AI) partnerships with OpenAI, the AI firm he co-founded and later left. Sources told ABC that Musk sees the deals as giving a key rival unfair federal backing.

According to the report, the withdrawal of Jared Isaacman’s nomination to head NASA is also another flashpoint between Musk and Trump. Isaacman, a Musk ally and private spaceflight investor, was expected to steer the agency closer to SpaceX. 

The ABC report added that Isaacman’s removal over the weekend left Musk “deeply disappointed,” citing people familiar with the matter.

The tensions arise amid a broader disagreement over trade policy. In April, Musk called Trump trade adviser Peter Navarro a “moron” and “dumber than a sack of bricks” in posts on X.

Markets rose slightly on Wednesday, but gains were kept in check after private sector hiring hit its lowest level in more than two years. 

The SPDR S&P 500 ETF Trust (SPY) was up 0.09%, the Invesco QQQ Trust (QQQ), which tracks the Nasdaq 100, gained 0.18%, and the SPDR Dow Jones Industrial Average ETF (DIA) rose 0.01%.

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