Latest news with #federaldeficit
Wall Street Journal
2 days ago
- Business
- Wall Street Journal
Heard on the Street Recap: Nvidia Beats Analysts' Estimates
What Happened in Markets Today Nvidia released quarterly results. The chip maker reported revenue and earnings that topped analysts' estimates. The stock was up 3% in after-hours trading. Elon Musk joined GOP critics of President Trump's budget bill. He said the current measure failed to reduce the federal deficit, echoing complaints from fiscal hawks in the House and Senate.
Wall Street Journal
3 days ago
- Business
- Wall Street Journal
Elon Musk Joins GOP Critics of Trump's ‘Big, Beautiful' Bill
WASHINGTON—Elon Musk gave new fuel to GOP critics of the Republicans' multitrillion-dollar tax and spending agenda, saying that the current measure failed to reduce the federal deficit, echoing complaints from hard-line factions in both the House and the Senate. The bill narrowly passed the House last week with almost all Republicans on board and now heads to the Senate, where some fiscal hawks, including Sens. Ron Johnson of Wisconsin and Rick Scott of Florida, have demanded deeper cuts. The Senate is expected to make changes to the bill and then send it back to the House. President Trump wants the measure, which he has championed as 'one, big, beautiful bill,' on his desk by July 4.
ABC News
3 days ago
- Business
- ABC News
Elon Musk criticises Donald Trump's tax bill for expanding US federal deficit
US President Donald Trump says some parts of a controversial tax bill may be up for negotiation after it was criticised by Elon Musk for increasing government debt by up to US$3 trillion ($4.67 trillion). Mr Musk had previously headed up the Trump administration's so-called Department of Government Efficiency (DOGE), which aimed to slash trillions of US dollars in government spending, before announcing his departure last month. But in an interview with US broadcaster CBS, the owner of tech giants SpaceX and Telsa said Mr Trump's large tax bill, officially known as the "One Big, Beautiful Bill Act", contradicted DOGE's aims of reducing the federal deficit. "I was disappointed to see the massive spending bill, frankly, which increases the budget deficit, not just decreases it, and undermines the work that the DOGE team is doing," Mr Musk said. The US president has repeatedly said the "big beautiful bill" would usher in a new "Golden Age" for the US. But following Mr Musk's remarks, Mr Trump told reporters he also held concerns about some aspects of the bill. "We will be negotiating that bill, and I'm not happy about certain aspects of it, but I'm thrilled by other aspects of it," he said. The bill, which now sits before the US Senate after passing the House of Representatives, aims to shrink social safety net programs to pay for a 10-year extension of deep tax cuts for wealthier tax payers. The spending bill is the centrepiece of Mr Trump's domestic policy agenda and could define his second term in the White House. Independent analysts have warned it could increase the deficit by as much as US$4 trillion over a decade. Mr Musk's comments come as he steps back from his government work, rededicating himself to companies like the electric automaker Tesla and rocket manufacturer SpaceX. He has also said he will reduce his political spending, because "I think I've done enough". In a separate interview with the Washington Post, Mr Musk said that the "federal bureaucracy situation" he had tried to combat with DOGE was "much worse than I realised". "I thought there were problems, but it sure is an uphill battle trying to improve things in (Washington) DC, to say the least." Mr Musk had previously been positive about the opportunity to reshape Washington. He wore campaign hats in the White House, held his own campaign rallies and talked about excessive spending as an existential crisis. He was also gushing in his praise of the US president and even sold him a Tesla on the front lawn of the White House. "The more I've gotten to know President Trump, the more I like the guy," Mr Musk said at one point. "Frankly, I love him." Mr Trump repaid the favour, describing Mr Musk as "a truly great American". It is unclear what, if any, impact Mr Musk's comments about the bill would have on the legislative debate. But Mr Trump remains the dominant figure within the Republican Party, and many Republican politicians have been unwilling to cross the president when he applies pressure for his agenda. The Congressional Budget Office, in a preliminary estimate, said the tax provisions would increase federal deficits by US$3.8 trillion over the decade. Changes to federal health programs, food stamps and other services would reduce spending by more than US$1 trillion over the same period. House Republican leaders say increased economic growth would allow the bill to be deficit neutral or reducing, but outside watchdogs are skeptical. The Committee for a Responsible Federal Budget estimates the bill would add US$3 trillion to the debt, including interest, over the next decade. The bill passed the US lower house by one vote, and some Republican US senators now tasked with considering it have expressed concerns about the winding back of benefit programs. AFP/AP/Reuters
Wall Street Journal
3 days ago
- Business
- Wall Street Journal
Elon Musk Boosts GOP Critics of Trump's ‘Big, Beautiful' Bill
WASHINGTON—Influential billionaire cost-cutter Elon Musk gave new fuel to GOP critics of the Republicans' multitrillion-dollar tax and spending agenda, saying that the current measure fails to reduce the federal deficit, echoing complaints from hard-line factions in both the House and the Senate. The bill narrowly passed the House last week with almost all Republicans on board and now heads to the Senate, where some fiscal hawks, including Sens. Ron Johnson of Wisconsin and Rick Scott of Florida, have demanded deeper cuts. The Senate is expected to make changes to the bill and then send it back to the House. President Trump wants the measure, which he has championed as 'one, big, beautiful bill,' on his desk by July 4.
Washington Post
3 days ago
- Business
- Washington Post
Live updates: Elon Musk ‘disappointed' with Trump's massive tax and immigration package
Elon Musk said in an interview to be broadcast Sunday that he is 'disappointed' with President Donald Trump's massive tax and immigration package that cleared the House last week, noting that it could increase the federal deficit — which is at odds with the work of the U.S. DOGE Service that he has overseen. 'I think a bill can be big or it can be beautiful, but I don't know if it can be both,' Musk said in an interview with 'CBS Sunday Morning.' Trump, who has urged the Senate to pass the legislation as soon as possible, plans to sign more executive orders Wednesday. The White House has not publicly advertised the subject matter. Elon Musk weighed in on Republicans' catchall legislation, the One Big Beautiful Bill. He doesn't seem pleased. The billionaire tasked with slashing federal spending was 'disappointed' to see the bill add to the federal deficit, he said in an interview with 'CBS Sunday Morning' airing this weekend. The Congressional Budget Office estimated that the bill could add $2.3 trillion to the national debt over 10 years. Musk said the bill 'undermines the work that the DOGE team is doing.' A federal judge said Tuesday that New York City can keep charging drivers entering parts of Manhattan up to $9 until at least June 9 through its congestion pricing program, which aims to reduce traffic and raise funds to revamp the city's decaying mass transit network. A federal judge in New York cleared a path Tuesday for the Treasury Department's DOGE team to access data systems that contain sensitive financial information on millions of Americans, stating in her ruling that the Trump administration had complied with earlier requests to demonstrate it is equipped to properly screen and train employees before granting them access. President Donald Trump lashed out at the Kremlin on Tuesday for its unwillingness to negotiate a ceasefire with Ukraine as he continued to consider increased sanctions against Russia, an escalation from his previously friendly tone toward Vladimir Putin that came as the president appeared to grow gloomier about his ability to broker peace in Ukraine.
