"Elon Musk steps down from Trump's administration, citing disagreement over budget cuts plans"
Tesla Boss Ends White House Role over Spending Bill
Billionaire entrepreneur Elon Musk announced his departure from his special government role on Wednesday, following nearly four months of controversial action aimed at cutting government expenditure. Musk, the CEO of Tesla and SpaceX, expressed his disappointment with recent economic legislation, colloquially known as the "One Big, Beautiful Bill," which he believes undermines his efforts to reduce unnecessary spending.
In a statement posted on X, his social media network, Musk wrote, "As my term as a special government employee ends, I'd like to express my gratitude to President Donald Trump for the opportunity to save taxpayers money." He further asserted that his Department of Government Efficiency (DOGE) would continue to strengthen and become a fixture of governance, working towards more efficient spending.
However, during an interview with CBS, Musk took a more critical stance towards Trump's economic plan, which includes significant tax credits. He noted that the bill's substantial increase in the budget deficit overshadows the efforts of the DOGE, which aimed to counteract such expenditures. The Washington Post reported Musk's disappointment over his commission on budget cuts being used as a scapegoat for various issues.
The "One Big, Beautiful Bill" members intend to offset some costs by cutting Medicaid, green energy tax credits, and other programs, while the White House appears to argue the bill will reduce the deficit by $1.6 trillion due to economic growth and tax cut extensions not being counted as new costs.
According to an analysis, the primary contributors to the bill's increased deficit are the extensions of Trump's 2017 tax cuts and increased spending on border security and the military. The bill is forecasted to add between $3 trillion and $5 trillion to budget deficits over the next decade—an increase much larger than the savings achieved by Musk's DOGE initiative.
Citing fiscal irresponsibility, Musk expressed skepticism about the bill, stating, "I think a bill can be big or it could be beautiful, but I don’t know if it could be both."
Following the bill's passage, Musk resigned from his leadership role within the Trump administration's Department of Government Efficiency, signifying a rift in his relationship with the administration. Additionally, he has indicated a reduction in political spending moving forward, stating he believes he has "done enough" in the political sphere.
In summary, Elon Musk has ended his tenure in the Trump administration over disagreements with the "One Big, Beautiful Bill." He believes the bill's substantial spending increases and deficits counteract his efforts to promote fiscal responsibility, contributing to his decision to depart from the administration's spending-cutting department and reduce his future political engagement.
- Elon Musk, the billionaire entrepreneur and CEO of Tesla and SpaceX, believed the "One Big, Beautiful Bill" undermines his efforts to reduce unnecessary government spending.
- Musk expressed skepticism about the bill, stating, "I think a bill can be big or it could be beautiful, but I don’t know if it could be both."
- The "One Big, Beautiful Bill" is forecasted to add between $3 trillion and $5 trillion to budget deficits over the next decade—an increase much larger than the savings achieved by Musk's Department of Government Efficiency (DOGE) initiative.
- Following disagreements with the "One Big, Beautiful Bill," Musk resigned from his leadership role within the Trump administration's Department of Government Efficiency and indicated a reduction in political spending moving forward.
