#大而美法案 , completely severing ties between Musk and Trump.

On July 1, Musk stated that if the current 'crazy spending bill' (the 'Big and Beautiful Act') is passed, he will establish the 'American Party' the following day to protest this bill.

The bill text spans 1118 pages, and reading the entire text word-for-word during the Senate's review took 16 hours. The core contents include the following nine aspects.

The 'Big and Beautiful Act' is expected to reduce federal tax revenue by approximately $3.3 trillion (dynamic estimate) through tax cuts between 2025 and 2034, while the bill will also significantly cut spending by approximately $1.13 trillion. Musk criticized the bill for leading to a substantial increase in the budget deficit, with an expected increase of $600 billion in the next fiscal year's deficit, potentially accumulating to $2.5 trillion over the next decade, which contradicts the previous claims of the Trump administration to reduce government spending.

The bill is expected to result in an additional deficit of approximately $5 trillion for the U.S. government, and such a scale of fiscal expansion may weaken market trust in the dollar and U.S. Treasury bonds.

Foreign capital has been reducing its holdings of U.S. Treasury bonds, becoming a structural trend. After the capital outflow, it may flow into Asian stock markets, gold, and Bitcoin (BTC), further enhancing Bitcoin's status as a global store of value, especially in the context of Bitcoin being included in U.S. strategic reserve assets.

Read details and impacts of the Big and Beautiful Act: