Overview

• Elon Musk called the Senate’s revised tax draft “utterly insane and destructive” and predicted it would destroy millions of jobs.
• The Senate Budget Committee’s update deepens cuts to clean energy credits and accelerates electric vehicle tax credits ending as soon as September.
• Senators are holding initial procedural votes and aim for a final passage vote over the weekend to meet a July 4 deadline.
• Musk warned the bill’s projected $5 trillion debt ceiling increase risks putting America on the fast lane to debt slavery.
• The dispute exposes tensions between innovation-focused corporate leaders and traditional fiscal conservatives within the GOP.