Elon Musk, CEO of Tesla, openly criticized President Donald Trump's major tax cut bill and on the 4th (local time) urged Americans to pressure Congress to "KILL the BILL".

In a post on his social media platform X (formerly Twitter), Musk said, "Call your senators and representatives" and declared, "We cannot allow the United States to go bankrupt."

This statement came just one day after Musk called the tax cut bill "disgusting and repulsive". His criticism stems from concerns that the tax cut bill, which passed the House last month under pressure from President Trump and is now being discussed in the Senate, would rapidly expand the U.S. fiscal deficit. In particular, Musk, who has been working on federal cost-cutting measures until the end of his recent term as head of the Department of Government Efficiency (DOGE), has been intensifying his criticism of the bill day after day.

Elon Musk is holding a press conference with President Donald Trump at the White House in Washington on May 30. Photo by AP

Musk also stressed that "any new (government) spending bill must not massively increase the deficit and must not raise the debt ceiling by $5 trillion." He then posted a poster of the movie "Kill Bill," which sounds similar to the English phrase "KILL the BILL," meaning to abolish the bill.

Musk also shared past video clips of Jerome Powell, Chair of the Federal Reserve, and Warren Buffett, Chairman of Berkshire Hathaway and renowned investor, both expressing concerns about the rising federal debt. He further criticized, saying, "The United States is on a fast track to becoming a slave to debt."

President Trump has not yet publicly responded to the open criticism from Musk, who is often referred to as his "First Buddy" (the President's closest friend). However, the White House issued a statement the previous day claiming that the bill would "usher in an era of unprecedented economic growth."

Mike Johnson, Speaker of the House and a Republican, told reporters that Musk's claims are "completely wrong" and argued that the tax cut bill would lead to economic growth and increased tax revenue.

However, analyses from major institutions such as the Congressional Budget Office (CBO) show the opposite. According to a report released by the CBO on this day, the tax cut bill is expected to increase the federal fiscal deficit by $2.42 trillion (about 3,300 trillion won) over the next 10 years. The CBO estimates that by 2034, tax revenue will decrease by $3.67 trillion, while spending will decrease by $1.25 trillion, resulting in a net fiscal deficit increase of $2.42 trillion. However, the CBO did not factor in any potential economic stimulus or increased tax revenue effects that could result from the tax cuts.