Latest news with #A5.9
The Advertiser
6 days ago
- Business
- The Advertiser
Musk calls Trump spending bill 'disgusting abomination'
Elon Musk has plunged into the congressional debate over US President Donald Trump's sweeping tax and spending bill, calling the measure a "disgusting abomination" that will increase the country's federal deficit in social media posts that fiscally hawkish Republicans quickly embraced. "I'm sorry, but I just can't stand it anymore," the billionaire Musk wrote in an X post. "This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination." He added: "Shame on those who voted for it: you know you did wrong. You know it." The House of Representatives last month passed the bill by one vote after the nonpartisan Congressional Budget Office said the measure - which would extend the 2017 tax cuts that were Trump's main legislative accomplishment in his first term - would add $US3.8 trillion ($A5.9 trillion) to the federal government's $US36.2 trillion in debt. The Senate, also controlled by Trump's Republicans, aims to pass the measure titled the "One Big Beautiful Bill Act" in the next month although senators are expected to revise the House-passed version of the bill. House Speaker Mike Johnson and Senate Majority Leader John Thune said Musk's calculations were in error. "It's very disappointing," Johnson told reporters. "With all due respect, my friend Elon is terribly wrong." But two House Republicans - Representatives Thomas Massie and Warren Davidson - who opposed the measure went to Musk's social platform X to endorse his message. "The Big Beautiful Tweet," Davidson said while reposting Musk's words. Senator Mike Lee, one of at least four Republicans pushing for deeper spending cuts, also rallied to Musk in a tweet that called on party members to use the Trump bill and future spending measures to reduce the deficit. "We must commit now to doing so, as this is what voters justifiably expect - and indeed deserve - from the GOP Congress," the Utah Republican said on X. Trump appointed Musk, the world's richest person, to lead a government cost-cutting and efficiency drive, during which he upended several federal agencies but ultimately failed to deliver the massive savings he had sought. Musk left his formal role in the administration last week as his time as a special government employee with the Department of Government Efficiency came to an end. The Tesla CEO also criticised the bill in an interview the week before he left, saying it will undermine DOGE's work. Trump brushed off the criticism. Musk came out against it even more strongly on Tuesday. "It will massively increase the already gigantic budget deficit to $2.5 trillion (!!!) and burden America citizens with crushingly unsustainable debt," Musk said on X. The White House dismissed the most recent attack. "Look, the president already knows where Elon Musk stood on this bill," spokeswoman Karoline Leavitt said at a White House briefing. "It doesn't change the president's opinion. This is one big, beautiful bill, and he's sticking to it." Thune, who aims to pass the bill through his chamber in the next month, said he disagreed with Musk. "My hope is that as he has an opportunity to further assess what this bill actually does, that he comes to a different conclusion," Thune, of South Dakota, told reporters. "But nevertheless, I mean, we have a job to do." Elon Musk has plunged into the congressional debate over US President Donald Trump's sweeping tax and spending bill, calling the measure a "disgusting abomination" that will increase the country's federal deficit in social media posts that fiscally hawkish Republicans quickly embraced. "I'm sorry, but I just can't stand it anymore," the billionaire Musk wrote in an X post. "This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination." He added: "Shame on those who voted for it: you know you did wrong. You know it." The House of Representatives last month passed the bill by one vote after the nonpartisan Congressional Budget Office said the measure - which would extend the 2017 tax cuts that were Trump's main legislative accomplishment in his first term - would add $US3.8 trillion ($A5.9 trillion) to the federal government's $US36.2 trillion in debt. The Senate, also controlled by Trump's Republicans, aims to pass the measure titled the "One Big Beautiful Bill Act" in the next month although senators are expected to revise the House-passed version of the bill. House Speaker Mike Johnson and Senate Majority Leader John Thune said Musk's calculations were in error. "It's very disappointing," Johnson told reporters. "With all due respect, my friend Elon is terribly wrong." But two House Republicans - Representatives Thomas Massie and Warren Davidson - who opposed the measure went to Musk's social platform X to endorse his message. "The Big Beautiful Tweet," Davidson said while reposting Musk's words. Senator Mike Lee, one of at least four Republicans pushing for deeper spending cuts, also rallied to Musk in a tweet that called on party members to use the Trump bill and future spending measures to reduce the deficit. "We must commit now to doing so, as this is what voters justifiably expect - and indeed deserve - from the GOP Congress," the Utah Republican said on X. Trump appointed Musk, the world's richest person, to lead a government cost-cutting and efficiency drive, during which he upended several federal agencies but ultimately failed to deliver the massive savings he had sought. Musk left his formal role in the administration last week as his time as a special government employee with the Department of Government Efficiency came to an end. The Tesla CEO also criticised the bill in an interview the week before he left, saying it will undermine DOGE's work. Trump brushed off the criticism. Musk came out against it even more strongly on Tuesday. "It will massively increase the already gigantic budget deficit to $2.5 trillion (!!!) and burden America citizens with crushingly unsustainable debt," Musk said on X. The White House dismissed the most recent attack. "Look, the president already knows where Elon Musk stood on this bill," spokeswoman Karoline Leavitt said at a White House briefing. "It doesn't change the president's opinion. This is one big, beautiful bill, and he's sticking to it." Thune, who aims to pass the bill through his chamber in the next month, said he disagreed with Musk. "My hope is that as he has an opportunity to further assess what this bill actually does, that he comes to a different conclusion," Thune, of South Dakota, told reporters. "But nevertheless, I mean, we have a job to do." Elon Musk has plunged into the congressional debate over US President Donald Trump's sweeping tax and spending bill, calling the measure a "disgusting abomination" that will increase the country's federal deficit in social media posts that fiscally hawkish Republicans quickly embraced. "I'm sorry, but I just can't stand it anymore," the billionaire Musk wrote in an X post. "This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination." He added: "Shame on those who voted for it: you know you did wrong. You know it." The House of Representatives last month passed the bill by one vote after the nonpartisan Congressional Budget Office said the measure - which would extend the 2017 tax cuts that were Trump's main legislative accomplishment in his first term - would add $US3.8 trillion ($A5.9 trillion) to the federal government's $US36.2 trillion in debt. The Senate, also controlled by Trump's Republicans, aims to pass the measure titled the "One Big Beautiful Bill Act" in the next month although senators are expected to revise the House-passed version of the bill. House Speaker Mike Johnson and Senate Majority Leader John Thune said Musk's calculations were in error. "It's very disappointing," Johnson told reporters. "With all due respect, my friend Elon is terribly wrong." But two House Republicans - Representatives Thomas Massie and Warren Davidson - who opposed the measure went to Musk's social platform X to endorse his message. "The Big Beautiful Tweet," Davidson said while reposting Musk's words. Senator Mike Lee, one of at least four Republicans pushing for deeper spending cuts, also rallied to Musk in a tweet that called on party members to use the Trump bill and future spending measures to reduce the deficit. "We must commit now to doing so, as this is what voters justifiably expect - and indeed deserve - from the GOP Congress," the Utah Republican said on X. Trump appointed Musk, the world's richest person, to lead a government cost-cutting and efficiency drive, during which he upended several federal agencies but ultimately failed to deliver the massive savings he had sought. Musk left his formal role in the administration last week as his time as a special government employee with the Department of Government Efficiency came to an end. The Tesla CEO also criticised the bill in an interview the week before he left, saying it will undermine DOGE's work. Trump brushed off the criticism. Musk came out against it even more strongly on Tuesday. "It will massively increase the already gigantic budget deficit to $2.5 trillion (!!!) and burden America citizens with crushingly unsustainable debt," Musk said on X. The White House dismissed the most recent attack. "Look, the president already knows where Elon Musk stood on this bill," spokeswoman Karoline Leavitt said at a White House briefing. "It doesn't change the president's opinion. This is one big, beautiful bill, and he's sticking to it." Thune, who aims to pass the bill through his chamber in the next month, said he disagreed with Musk. "My hope is that as he has an opportunity to further assess what this bill actually does, that he comes to a different conclusion," Thune, of South Dakota, told reporters. "But nevertheless, I mean, we have a job to do." Elon Musk has plunged into the congressional debate over US President Donald Trump's sweeping tax and spending bill, calling the measure a "disgusting abomination" that will increase the country's federal deficit in social media posts that fiscally hawkish Republicans quickly embraced. "I'm sorry, but I just can't stand it anymore," the billionaire Musk wrote in an X post. "This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination." He added: "Shame on those who voted for it: you know you did wrong. You know it." The House of Representatives last month passed the bill by one vote after the nonpartisan Congressional Budget Office said the measure - which would extend the 2017 tax cuts that were Trump's main legislative accomplishment in his first term - would add $US3.8 trillion ($A5.9 trillion) to the federal government's $US36.2 trillion in debt. The Senate, also controlled by Trump's Republicans, aims to pass the measure titled the "One Big Beautiful Bill Act" in the next month although senators are expected to revise the House-passed version of the bill. House Speaker Mike Johnson and Senate Majority Leader John Thune said Musk's calculations were in error. "It's very disappointing," Johnson told reporters. "With all due respect, my friend Elon is terribly wrong." But two House Republicans - Representatives Thomas Massie and Warren Davidson - who opposed the measure went to Musk's social platform X to endorse his message. "The Big Beautiful Tweet," Davidson said while reposting Musk's words. Senator Mike Lee, one of at least four Republicans pushing for deeper spending cuts, also rallied to Musk in a tweet that called on party members to use the Trump bill and future spending measures to reduce the deficit. "We must commit now to doing so, as this is what voters justifiably expect - and indeed deserve - from the GOP Congress," the Utah Republican said on X. Trump appointed Musk, the world's richest person, to lead a government cost-cutting and efficiency drive, during which he upended several federal agencies but ultimately failed to deliver the massive savings he had sought. Musk left his formal role in the administration last week as his time as a special government employee with the Department of Government Efficiency came to an end. The Tesla CEO also criticised the bill in an interview the week before he left, saying it will undermine DOGE's work. Trump brushed off the criticism. Musk came out against it even more strongly on Tuesday. "It will massively increase the already gigantic budget deficit to $2.5 trillion (!!!) and burden America citizens with crushingly unsustainable debt," Musk said on X. The White House dismissed the most recent attack. "Look, the president already knows where Elon Musk stood on this bill," spokeswoman Karoline Leavitt said at a White House briefing. "It doesn't change the president's opinion. This is one big, beautiful bill, and he's sticking to it." Thune, who aims to pass the bill through his chamber in the next month, said he disagreed with Musk. "My hope is that as he has an opportunity to further assess what this bill actually does, that he comes to a different conclusion," Thune, of South Dakota, told reporters. "But nevertheless, I mean, we have a job to do."
West Australian
6 days ago
- Business
- West Australian
Musk calls Trump spending bill 'disgusting abomination'
Elon Musk has plunged into the congressional debate over US President Donald Trump's sweeping tax and spending bill, calling the measure a "disgusting abomination" that will increase the country's federal deficit in social media posts that fiscally hawkish Republicans quickly embraced. "I'm sorry, but I just can't stand it anymore," the billionaire Musk wrote in an X post. "This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination." He added: "Shame on those who voted for it: you know you did wrong. You know it." The House of Representatives last month passed the bill by one vote after the nonpartisan Congressional Budget Office said the measure - which would extend the 2017 tax cuts that were Trump's main legislative accomplishment in his first term - would add $US3.8 trillion ($A5.9 trillion) to the federal government's $US36.2 trillion in debt. The Senate, also controlled by Trump's Republicans, aims to pass the measure titled the "One Big Beautiful Bill Act" in the next month although senators are expected to revise the House-passed version of the bill. House Speaker Mike Johnson and Senate Majority Leader John Thune said Musk's calculations were in error. "It's very disappointing," Johnson told reporters. "With all due respect, my friend Elon is terribly wrong." But two House Republicans - Representatives Thomas Massie and Warren Davidson - who opposed the measure went to Musk's social platform X to endorse his message. "The Big Beautiful Tweet," Davidson said while reposting Musk's words. Senator Mike Lee, one of at least four Republicans pushing for deeper spending cuts, also rallied to Musk in a tweet that called on party members to use the Trump bill and future spending measures to reduce the deficit. "We must commit now to doing so, as this is what voters justifiably expect - and indeed deserve - from the GOP Congress," the Utah Republican said on X. Trump appointed Musk, the world's richest person, to lead a government cost-cutting and efficiency drive, during which he upended several federal agencies but ultimately failed to deliver the massive savings he had sought. Musk left his formal role in the administration last week as his time as a special government employee with the Department of Government Efficiency came to an end. The Tesla CEO also criticised the bill in an interview the week before he left, saying it will undermine DOGE's work. Trump brushed off the criticism. Musk came out against it even more strongly on Tuesday. "It will massively increase the already gigantic budget deficit to $2.5 trillion (!!!) and burden America citizens with crushingly unsustainable debt," Musk said on X. The White House dismissed the most recent attack. "Look, the president already knows where Elon Musk stood on this bill," spokeswoman Karoline Leavitt said at a White House briefing. "It doesn't change the president's opinion. This is one big, beautiful bill, and he's sticking to it." Thune, who aims to pass the bill through his chamber in the next month, said he disagreed with Musk. "My hope is that as he has an opportunity to further assess what this bill actually does, that he comes to a different conclusion," Thune, of South Dakota, told reporters. "But nevertheless, I mean, we have a job to do."
Perth Now
6 days ago
- Business
- Perth Now
Musk calls Trump spending bill 'disgusting abomination'
Elon Musk has plunged into the congressional debate over US President Donald Trump's sweeping tax and spending bill, calling the measure a "disgusting abomination" that will increase the country's federal deficit in social media posts that fiscally hawkish Republicans quickly embraced. "I'm sorry, but I just can't stand it anymore," the billionaire Musk wrote in an X post. "This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination." He added: "Shame on those who voted for it: you know you did wrong. You know it." It will massively increase the already gigantic budget deficit to $2.5 trillion (!!!) and burden America citizens with crushingly unsustainable debt Elon Musk (@elonmusk) June 3, 2025 The House of Representatives last month passed the bill by one vote after the nonpartisan Congressional Budget Office said the measure - which would extend the 2017 tax cuts that were Trump's main legislative accomplishment in his first term - would add $US3.8 trillion ($A5.9 trillion) to the federal government's $US36.2 trillion in debt. The Senate, also controlled by Trump's Republicans, aims to pass the measure titled the "One Big Beautiful Bill Act" in the next month although senators are expected to revise the House-passed version of the bill. House Speaker Mike Johnson and Senate Majority Leader John Thune said Musk's calculations were in error. "It's very disappointing," Johnson told reporters. "With all due respect, my friend Elon is terribly wrong." But two House Republicans - Representatives Thomas Massie and Warren Davidson - who opposed the measure went to Musk's social platform X to endorse his message. "The Big Beautiful Tweet," Davidson said while reposting Musk's words. Senator Mike Lee, one of at least four Republicans pushing for deeper spending cuts, also rallied to Musk in a tweet that called on party members to use the Trump bill and future spending measures to reduce the deficit. "We must commit now to doing so, as this is what voters justifiably expect - and indeed deserve - from the GOP Congress," the Utah Republican said on X. Trump appointed Musk, the world's richest person, to lead a government cost-cutting and efficiency drive, during which he upended several federal agencies but ultimately failed to deliver the massive savings he had sought. Musk left his formal role in the administration last week as his time as a special government employee with the Department of Government Efficiency came to an end. The Tesla CEO also criticised the bill in an interview the week before he left, saying it will undermine DOGE's work. Trump brushed off the criticism. Musk came out against it even more strongly on Tuesday. "It will massively increase the already gigantic budget deficit to $2.5 trillion (!!!) and burden America citizens with crushingly unsustainable debt," Musk said on X. The White House dismissed the most recent attack. "Look, the president already knows where Elon Musk stood on this bill," spokeswoman Karoline Leavitt said at a White House briefing. "It doesn't change the president's opinion. This is one big, beautiful bill, and he's sticking to it." Thune, who aims to pass the bill through his chamber in the next month, said he disagreed with Musk. "My hope is that as he has an opportunity to further assess what this bill actually does, that he comes to a different conclusion," Thune, of South Dakota, told reporters. "But nevertheless, I mean, we have a job to do."
West Australian
22-05-2025
- Business
- West Australian
Wall St mixed after Trump tax bill wins US House vote
The benchmark S&P 500 has edged lower in choppy trading after the US House of Representatives voted to pass President Donald Trump's tax bill, which is expected to burden the country with trillions of dollars in extra debt, by a razor-thin margin. If what Trump has described as a "big, beautiful bill" becomes law, it is expected to add about $US3.8 trillion ($A5.9 trillion) to the federal government's $US36.2 trillion debt in the next decade, according to the nonpartisan Congressional Budget Office. The bill now faces a test in the Republican-controlled Senate and will fulfil much of Trump's populist agenda if passed, delivering new tax breaks on tips and car loans and boosting military expenditure. "For all that the government has been trying to reduce government spending and the overall debt level, it seems that this bill is basically going to undo all that they have done," said Sam Stovall, chief investment strategist at CFRA Research. In early trading on Thursday, the Dow Jones Industrial Average fell 72.70 points, or 0.17 per cent, to 41,790.95, the S&P 500 lost 8.11 points, or 0.14 per cent, to 5,836.38, and the Nasdaq Composite gained 28.91 points, or 0.15 per cent, to 18,901.55. Nine of the 11 S&P sub-sectors traded lower, with utilities and energy among top decliners and down more than 1.0 per cent each. Longer-dated Treasury yields stayed near their multi-month highs, with those on the 10-year benchmark at 4.606 per cent and the 30-year Treasury yield at a new 19-month high. Most megacap and growth stocks inched higher, though Alphabet outpaced the pack with a 3.4 per cent rise. Shares of solar energy companies including First Solar dropped 4.1 per cent as Trump's tax bill is expected to end a number of green-energy subsidies. Snowflake jumped 9.0 per cent after the cloud computing firm raised its fiscal-year 2026 product revenue forecast. All three main stock indexes had witnessed their biggest single-day percentage drops in a month on Wednesday as Treasury yields spiked on worries about mounting US debt. US stocks have had a solid month so far, with the S&P 500 climbing more than 15 per cent from its April lows, when Trump's reciprocal tariffs roiled global markets. A pause in tariffs, a temporary US-China trade truce and tame inflation data have pushed equities higher, although the S&P 500 is still about 3.0 per cent off record highs. Fed Governor Christopher Waller said in an interview to Fox Business that central bank rate cuts would be on the menu if the Trump administration's tariff agenda settles on the lower side of the ledger. Traders are pricing in at least two 25-basis-point rate cuts by the end of the year, according to data compiled by LSEG. On the data front, US business activity picked up in May while separate data showed jobless claims dropped last week, suggesting that the economy maintained a steady pace of employment growth. Declining issues outnumbered advancers by a 3.3-to-1 ratio on the NYSE and by a 1.82-to-1 ratio on the Nasdaq. The S&P 500 posted no new 52-week highs and nine new lows while the Nasdaq Composite recorded 20 new highs and 59 new lows.
Perth Now
22-05-2025
- Business
- Perth Now
Wall St mixed after Trump tax bill wins US House vote
The benchmark S&P 500 has edged lower in choppy trading after the US House of Representatives voted to pass President Donald Trump's tax bill, which is expected to burden the country with trillions of dollars in extra debt, by a razor-thin margin. If what Trump has described as a "big, beautiful bill" becomes law, it is expected to add about $US3.8 trillion ($A5.9 trillion) to the federal government's $US36.2 trillion debt in the next decade, according to the nonpartisan Congressional Budget Office. The bill now faces a test in the Republican-controlled Senate and will fulfil much of Trump's populist agenda if passed, delivering new tax breaks on tips and car loans and boosting military expenditure. "For all that the government has been trying to reduce government spending and the overall debt level, it seems that this bill is basically going to undo all that they have done," said Sam Stovall, chief investment strategist at CFRA Research. In early trading on Thursday, the Dow Jones Industrial Average fell 72.70 points, or 0.17 per cent, to 41,790.95, the S&P 500 lost 8.11 points, or 0.14 per cent, to 5,836.38, and the Nasdaq Composite gained 28.91 points, or 0.15 per cent, to 18,901.55. Nine of the 11 S&P sub-sectors traded lower, with utilities and energy among top decliners and down more than 1.0 per cent each. Longer-dated Treasury yields stayed near their multi-month highs, with those on the 10-year benchmark at 4.606 per cent and the 30-year Treasury yield at a new 19-month high. Most megacap and growth stocks inched higher, though Alphabet outpaced the pack with a 3.4 per cent rise. Shares of solar energy companies including First Solar dropped 4.1 per cent as Trump's tax bill is expected to end a number of green-energy subsidies. Snowflake jumped 9.0 per cent after the cloud computing firm raised its fiscal-year 2026 product revenue forecast. All three main stock indexes had witnessed their biggest single-day percentage drops in a month on Wednesday as Treasury yields spiked on worries about mounting US debt. US stocks have had a solid month so far, with the S&P 500 climbing more than 15 per cent from its April lows, when Trump's reciprocal tariffs roiled global markets. A pause in tariffs, a temporary US-China trade truce and tame inflation data have pushed equities higher, although the S&P 500 is still about 3.0 per cent off record highs. Fed Governor Christopher Waller said in an interview to Fox Business that central bank rate cuts would be on the menu if the Trump administration's tariff agenda settles on the lower side of the ledger. Traders are pricing in at least two 25-basis-point rate cuts by the end of the year, according to data compiled by LSEG. On the data front, US business activity picked up in May while separate data showed jobless claims dropped last week, suggesting that the economy maintained a steady pace of employment growth. Declining issues outnumbered advancers by a 3.3-to-1 ratio on the NYSE and by a 1.82-to-1 ratio on the Nasdaq. The S&P 500 posted no new 52-week highs and nine new lows while the Nasdaq Composite recorded 20 new highs and 59 new lows.
