Overview

• Elon Musk, who was tasked by Trump with cutting federal spending, condemned the proposed budget bill as a “disgusting abomination.”
• The House passed the legislation under Trump’s pressure and the Senate is now evaluating it with Republicans holding a slim majority.
• Trump has urged senators to send the bill to him as soon as possible for his signature.
• Several Republican senators plan to introduce significant amendments to curb the bill’s projected cost.
• Analysts warn that extending tax credits from Trump’s first term could increase the federal deficit by $2 trillion to $4 trillion over ten years and force cuts to programs for disadvantaged Americans.