Tesla CEO Publicly Slams Trump’s Spending Plan as Budget Deficit Soars

Elon Musk has openly criticized President Donald Trump’s massive tax legislation, claiming it contradicts the cost-cutting mission he previously led through the Department of Government Efficiency (Doge). In a CBS interview preview, the Tesla billionaire expressed disappointment with what he called a “massive spending bill” that increases the budget deficit and undermines fiscal responsibility efforts.
The tension stems from Trump’s One Big Beautiful Bill Act, which recently passed the House of Representatives despite narrow margins. While the legislation delivers on key campaign promises like extending tax cuts and ending Biden-era clean energy incentives, it’s projected to add approximately $2.3 trillion to the national deficit according to the Congressional Budget Office.
Musk’s criticism comes at a particularly sensitive time, as his own business interests are directly affected by the bill. The legislation eliminates the $7,500 electric vehicle tax credit and introduces a $250 annual registration fee for EV owners, potentially impacting Tesla’s already struggling financial performance. Tesla recently reported a 71% drop in first-quarter profits, falling from $1.39 billion to $409 million compared to the previous year.