Trillion-Dollar Deficit Tax Bill: Musk Calls for Public Revolt as Trump Pushes Debt Ceiling

TradingKey — U.S. Congress is embroiled in heated debate over Trump’s tax bill that risks ballooning the federal deficit and exacerbating the national debt crisis. The divide has grown so sharp that Elon Musk and President Donald Trump are now publicly at odds—with Musk urging Americans to oppose the legislation.

On Wednesday (4th), Tesla CEO Elon Musk took to social media, declaring: "Call your senator. Call your congressmen. Bankrupting America is NOT ok" Quoting the film Kill Bill, he added, "KILL THE BILL."

Musk argued that the U.S. government should draft a new spending bill to avoid a massive deficit surge and a proposed $5 trillion debt ceiling hike. He also reshared a post highlighting that while it took 200 years for U.S. debt to reach $12 trillion, it surged by another $12 trillion just from 2020 to 2024—warning of America’s rapid descent into "debt slavery."

A day earlier, Musk blasted the tax bill as " disgusting," saying its supporters "should be ashamed."

According to a new report by the Congressional Budget Office (CBO) released Wednesday, Trump’s "Big Beautiful Bill" would slash federal revenue by $3.67 trillion and reduce spending by $1.25 trillion over the next decade (through 2034), driving the deficit up by $2.42 trillion.

The bill also includes a plan to raise the debt ceiling by $4 trillion, but Trump has demanded more. On Wednesday, he insisted that Congress should eliminate the debt ceiling entirely to avert an economic catastrophe.

After narrowly passing the House by a single vote last month, the bill now faces Senate scrutiny. Trump has pressured Congress to deliver the final version to him before July 4.