🇺🇸 Elon Musk says the bill Congress wants to pass is "debt slavery for the American people."
Elon Musk has criticized the One Big Beautiful Bill Act, saying it's "debt slavery for the American people". This bill, also known as OBBBA or OBBB, aims to extend the 2017 Tax Cuts and Jobs Act, which is set to expire. Key provisions include:
Cutting spending on programs like Supplemental Nutrition Assistance Program (SNAP) and Medicaid through stricter eligibility requirements
Allocating an additional $150 billion for defense, focusing on uncrewed drones and other technologies
Increasing the state and local tax (SALT) deduction cap from $10,000 to $40,000 and creating a new tax deduction for tips and overtime
The Congressional Budget Office estimates the bill will add $3.8 trillion to the federal government's debt over the next 10 years
Musk's criticism aligns with concerns from fiscal conservative senators like Rand Paul and Mike Lee, who argue the bill doesn't do enough to address spending. Moderate Republicans, on the other hand, have expressed concerns about Medicaid cuts and the rollback of green energy tax credits.#BlackRockETHPurchase $BTC