Democrats Blast Trump’s Budget Bill as ‘Anti-Poor’; Musk Warns of Job Loss, National Harm

Billionaire entrepreneur Elon Musk on Saturday launched a scathing attack on the latest version of former President Donald Trump’s sweeping tax and spending bill, calling it “utterly insane and destructive” as Senate Republicans prepared to move it forward.

“The latest Senate draft bill will destroy millions of jobs in America and cause immense strategic harm to our country!” Musk posted on X. “It gives handouts to industries of the past while severely damaging industries of the future.”

The legislation, formally titled the One Big Beautiful Bill Act, aims to extend Trump’s 2017 tax cuts, introduce additional tax reductions, and increase military and border security spending. It is Trump’s top legislative priority and is widely viewed as a cornerstone of his second-term economic agenda.

Democrats have fiercely criticized the measure, warning that it would overwhelmingly benefit the wealthy while slashing funding for critical social programs. “Under this draft, Republicans will take food away from hungry kids to pay for tax breaks to the rich,” said Senate Majority Leader Chuck Schumer. “Future generations will be saddled with trillions in debt.”

Independent estimates suggest the Senate bill could add up to $4 trillion to the national debt over the next decade, including interest payments, according to the Committee for a Responsible Federal Budget. The House version, passed last month, was projected to add $3 trillion.

Despite the criticism, momentum behind the bill grew on Saturday. Several Republican senators who were previously on the fence—citing concerns over rural hospital funding and state tax deductibility—signaled they were now ready to support it after revisions were made.

“If you want to be a working-class party, you’ve got to get and deliver for working-class people,” said Senator Josh Hawley of Missouri. “You cannot take away health care for working people.”

The updated version includes $25 billion in rural Medicaid funding between 2028 and 2032 and raises the cap on state and local tax deductions to $40,000, adjusted for inflation through 2029. After that, the cap would revert to $10,000, with reductions for high-income earners.

Senate Republicans are using a special budget procedure to bypass the typical 60-vote threshold, requiring only a simple majority to pass the bill in the narrowly divided 100-member chamber. With a 53–47 majority, Republicans can afford no more than three defections.

If passed by the Senate, the bill will return to the House for final approval before heading to Trump’s desk. The legislation also includes a provision to raise the U.S. debt ceiling by several trillion dollars to avert a looming default.

Musk’s sharp criticism comes weeks after he ended a public feud with Trump that began over the bill’s earlier versions. Despite their recent reconciliation, Musk remains outspoken in his opposition to the legislation’s economic priorities.

“It’s a gift to the past and a punishment to the future,” Musk warned.