Treasury Secretary Scott Bessent responded firmly to Elon Musk’s recent criticism of Republicans supporting the "One Big, Beautiful Bill" proposed by President Donald Trump. During an interview on Fox News, Bessent reassured viewers that the legislation is a crucial step toward addressing the nation’s financial issues.
Musk, the tech entrepreneur and CEO of SpaceX, has threatened to support primary challengers against GOP lawmakers who vote for the bill, which he claims would greatly increase national debt. Bessent dismissed Musk’s threats, saying, "If Elon sticks to rockets, I’ll stick to finance." He expressed confidence that the bill would help reduce the debt, noting that 50 senators were not swayed by Musk’s warnings.
The Senate recently passed the extensive 800-page bill with a narrow 51-50 vote. Vice President JD Vance cast the tie-breaking vote after three Republican senators—Thom Tillis, Rand Paul, and Susan Collins—voted against it. The bill aims to extend tax cuts from 2017, increase funding for border security and the military, cut regulations on energy production, and raise the debt ceiling significantly.
Critics of the bill are concerned about potential cuts to Medicaid and the estimated trillions it could add to the national debt. However, supporters argue that it will stimulate economic growth that will eventually address the debt issue.
Musk’s opposition marks a significant shift, as he previously spent over $250 million supporting Trump and other Republican candidates. He has now vowed to ensure that lawmakers who go against their campaign promises on spending face consequences in future elections. Musk stated, “Every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history should hang their head in shame!”
In response to Musk’s comments, Trump suggested that Musk’s past support for him may not guarantee future benefits for his companies. He hinted at backing primary challengers against Republicans who oppose the bill, as seen with Tillis, who recently announced he would not seek re-election.
Bessent remains optimistic about the bill’s future as the House considers the Senate’s version, despite some GOP members expressing discontent with the changes. He praised Trump’s leadership in pushing the legislation forward, highlighting collaboration with Senate Majority Leader John Thune and House Speaker Mike Johnson.