Overview

• The One Big Beautiful Bill Act passed the House and is under Senate review, featuring extensions of Trump’s 2017 tax cuts, increased defense and border funding and stricter Medicaid work requirements.
• Musk told CBS that the “massive spending bill” would raise the budget deficit and undermine his Department of Government Efficiency’s drive to cut waste.
• According to the Congressional Budget Office, the legislation would add about $3.8 trillion to the debt over ten years despite proposed cuts to Medicaid and other programs.
• The bill would eliminate the $7,500 federal EV tax credit and impose a $250 annual electric-vehicle registration fee, directly affecting Musk’s companies.
• Having led DOGE’s cost-cutting initiatives, Musk is now withdrawing from his White House role and scaling back his political donations.