Overview

• Elon Musk broke with the White House on June 3 by denouncing the One Big Beautiful Bill Act as a “disgusting abomination” that would add up to $2.5 trillion to the deficit.
• Senate Majority Leader John Thune is fast-tracking revisions to the House-passed bill for a vote before July 4 but faces resistance from deficit hawks.
• Senators such as Rand Paul, Ron Johnson and Mike Lee insist on deeper spending cuts to prevent a historic surge in national debt, while moderates warn against slashing Medicaid, SNAP and education funding.
• The legislation would extend Trump’s 2017 tax cuts, raise the debt ceiling by $4 trillion and boost border security and defense spending in exchange for reductions in health, nutrition and clean energy programs.
• The White House defends its claim of $1.6 trillion in savings over 10 years even as Treasury Secretary Scott Bessent warns the U.S. risks default without a timely debt-ceiling increase.