Elon Musk Says Congress Is Bankrupting America

Tensions are escalating in Washington as Elon Musk publicly condemned a sweeping federal spending bill backed by Donald Trump, accusing lawmakers of driving the U.S. toward bankruptcy.

The billionaire slammed the proposal on X, denouncing it as reckless and bloated with unnecessary expenses.

The legislation, which merges tax changes, military funding, and energy initiatives, is central to Trump’s economic agenda for a potential second term. It narrowly cleared the House, but now faces stiff resistance in the Senate, where internal GOP divisions are threatening to derail the process before the July 4 recess.

Senate Majority Leader John Thune acknowledged the tight timeline and internal disagreements, warning that the party can’t afford more than a few defections. Republican senators are split over proposed Medicaid cuts, the linked debt ceiling increase, and the overall price tag. While Thune urges unity, others want amendments or demand an entirely new approach.

READ MORE:

Will Musk Double Down on Bitcoin as U.S. Debt Soars?

Trump has held direct talks with lawmakers like Ron Johnson, who’s pushing for more aggressive spending cuts and separating the debt ceiling from the bill. Meanwhile, Senator Rand Paul has flatly rejected the package, prompting Trump to criticize his consistent opposition to major initiatives.

Musk’s post has energized criticism from outside Washington as well, especially among crypto advocates. Influential voices like attorney John Deaton echoed concerns about runaway spending and its impact on inflation and the dollar’s stability.

With time running out, the GOP is at a crossroads—torn between pushing through Trump’s bill and risking a public party rift. Whether the legislation survives or collapses, one thing is clear: dissatisfaction is growing, both within Congress and far beyond it.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.