Overview

• In a preview clip for CBS Sunday Morning, Musk warned the spending package would inflate the budget deficit and undo gains made by the Department of Government Efficiency (DOGE).
• The One Big Beautiful Bill Act narrowly passed the House on May 22 and now faces uncertain prospects in the Senate under reconciliation rules that limit discretionary cuts.
• Nonpartisan analysts estimate the legislation will add about $3.8 trillion to the national debt over ten years, despite $1 trillion in proposed spending reductions.
• The bill makes 2017 tax cuts permanent, boosts defense and border security funding, and removes the $7,500 federal electric-vehicle tax credit, replacing it with a $250 annual fee for EV owners.
• Musk announced in April that he is stepping back from his White House role to refocus on Tesla and SpaceX after overseeing agency layoffs and contract cancellations through DOGE this spring.