The Congressional Budget Office (CBO) has issued a revised assessment of former President Donald Trump’s ambitious tax and spending legislation, warning it could add $2.4 trillion to the already ballooning U.S. national debt. The announcement has stirred heated debate across Capitol Hill, with sharp criticisms from both political rivals and unexpected quarters, including tech billionaire Elon Musk.
Dubbed the “One Big Beautiful Bill” by Trump and his allies, the legislation narrowly passed the House of Representatives on May 22—with a single-vote margin and no support from Democrats. The bill is now under Senate consideration and has already been the subject of public protests in Washington D.C. amid growing concerns over its fiscal and social consequences.
CBO’s Grim Projection
The nonpartisan CBO released its updated projection on Wednesday, saying the measure would contribute an additional $2.4 trillion to the federal debt, currently standing at $36.2 trillion. While this figure is a downward revision from an earlier $3.8 trillion estimate, it remains a staggering increase for a nation already grappling with fiscal tightening and rising interest payments.
The new estimate incorporates last-minute changes introduced to help secure passage in the House. While the bill aims to extend tax breaks from Trump’s 2017 Tax Cuts and Jobs Act, it proposes to offset the costs through significant spending cuts—especially in Medicaid and other social programs, a move critics have called “inhumane and economically reckless.”
Elon Musk: ‘Disgusting Abomination’
One of the loudest voices against the bill has been Elon Musk, the outspoken CEO of Tesla and SpaceX. On Tuesday, Musk posted a scathing rebuke on X (formerly Twitter), calling the bill a “disgusting abomination” and questioning how fiscal conservatives could support it.
His comments have emboldened so-called “deficit hawks” within the Republican Party who had initially opposed the bill but were swayed during negotiations. “Musk’s comments echo the concerns of millions of Americans who see this bill as fiscally irresponsible,” said Senator Rand Paul, a vocal opponent in the Senate.
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Trump Targets Foreign Aid, NPR and PBS
In a related fiscal maneuver, the Trump administration on Tuesday submitted a formal rescission request to Congress, asking lawmakers to cancel $9.4 billion in approved federal spending. The targeted cuts include $8.3 billion from foreign aid programs, primarily the State Department and the U.S. Agency for International Development (USAID), and $1.1 billion from public broadcasters NPR and PBS.
The move is in line with Trump’s earlier executive order in May, which aimed to end federal subsidies for what he labeled “biased media.” Trump has long been at odds with public broadcasting outlets, frequently accusing them of liberal bias. He has also pursued legal action against several major news organizations in recent months.
The spending cuts were developed by Musk’s recently appointed “Department of Government Efficiency” (DOGE), an internal advisory body focused on trimming what the administration describes as “wasteful and ideological” government spending.
A Divided Congress and Uncertain Future
The House Speaker, Mike Johnson, expressed his support for both the bill and the rescission request, promising swift action in the House. “We need to restore fiscal sanity and redirect taxpayer dollars where they matter,” Johnson stated.
However, Senate Democrats have signaled fierce opposition. “You don’t cut healthcare and journalism to pay for tax giveaways to billionaires,” said Senate Majority Leader Chuck Schumer. “This is not governance. It’s vandalism masquerading as policy.”
Meanwhile, centrist Republicans are caught in a bind. While many favor extending Trump-era tax breaks, the spending cuts to Medicaid and the attack on public media have triggered internal friction. Some GOP senators have proposed a watered-down version of the bill with fewer cuts and more gradual tax reforms, but it’s unclear whether such a compromise would pass in either chamber.
Public Reaction and Protests
As the Senate prepares for a vote, demonstrators have already taken to the streets of Washington D.C. to voice their anger. Advocacy groups for healthcare access, press freedom, and international development have united in their condemnation of what they describe as an “ideological crusade masquerading as reform.”
“Cutting funds from PBS while adding trillions in tax cuts is not fiscal prudence—it’s political theatre,” said Maria Green, a protester and organizer with Public Media Alliance.
The Senate is expected to debate the bill in the coming weeks. If passed without significant amendments, the “One Big Beautiful Bill” could redefine the contours of U.S. fiscal policy for years to come—but not without a heavy cost.
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Trump’s Tax Bill Could Add $2.4tn to US Debt, CBO Warns Amid Musk Criticism
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A new CBO report says Donald Trump’s “One Big Beautiful Bill” will add $2.4 trillion to the national debt. Elon Musk calls the measure a “disgusting abomination” as protests erupt and Congress considers $9.4 billion in further cuts.
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