Overview

• Elon Musk has branded the package a “disgusting abomination” on X and warned he will back alternative candidates against Republicans who voted for it in the 2026 midterms.
• President Trump is urging Senate leaders to clear the $4 trillion fiscal and spending plan by July 4 despite mounting concern over its size and scope.
• The Congressional Budget Office now estimates the bill would add about $2.4 trillion to the national debt over ten years, down from an earlier $3.8 trillion forecast.
• The measure extends 2017 tax cuts for higher earners, injects $350 billion into border security and military programs, and imposes a covert “revenge tax” on foreign investors.
• Offsetting cuts—including deep reductions to Medicaid and SNAP—could leave roughly 11 million Americans without health insurance.