Bill could increase deficit by 2.5 trillion dollars.
Bipartisan unease may affect legislative outcomes.
Elon Musk openly criticized a Trump-endorsed congressional spending bill, labeled an “abomination”, stirring bipartisan reactions. This dispute highlights possible budgetary impacts, raising concerns in political and economic circles about fiscal sustainability.
Elon Musk condemned the new congressional spending bill backed by Donald Trump, calling it a “disgusting abomination.” Musk’s statements have broken the prior alliance and led to public confrontations. Discussions include Musk’s critique of unchecked spending and Trump’s advocacy for the bill.
The bill proposes increasing the US budget deficit by an estimated 2.3 to 2.5 trillion dollars, primarily through an extension of tax cuts and reductions in social services. Political tensions are heightened, leading to uncertainty about fiscal strategy.
Bernie Sanders, often opposed to both Musk and Trump, expressed support for Musk’s viewpoints, labeling the bill “abomination”. The bipartisan condemnation has intensified scrutiny over US fiscal plans, potentially affecting legislative decision-making.
This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. 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 American citizens with crushingly unsustainable debt. — Elon Musk
Market Data Overview
Did you know? Large US budget expansions often push Bitcoin prices higher, historically seen as a hedge during economic uncertainty.
According to CoinMarketCap, Bitcoin (BTC) is priced at $105,429.77 with a market cap of $2.10 trillion. It holds 63.07% market dominance. The 24-hour trading volume is $44.05 billion, showing a 6.36% decrease. BTC’s circulating supply is 19.87 million. Price shifts include a 2.75% rise in the last 24 hours and a 26.40% increase over 60 days, as of June 4, 2025.
Bitcoin(BTC), daily chart, screenshot on CoinMarketCap at 06:54 UTC on June 4, 2025. Source: CoinMarketCap
The Coincu research team notes that fiscal uncertainty could boost demand for crypto assets like BTC and ETH as a store of value. Historical precedent supports currency debasement arguments, making crypto an attractive option amid government spending controversies.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
Elon Musk Trump's spending bill
Key Points:* Musk criticizes Trump-backed bill; Sanders supports Musk’s view.
Elon Musk condemned the new congressional spending bill backed by Donald Trump, calling it a “disgusting abomination.” Musk’s statements have broken the prior alliance and led to public confrontations. Discussions include Musk’s critique of unchecked spending and Trump’s advocacy for the bill.
Budget Deficit Projections Boost Bitcoin Attraction
The bill proposes increasing the US budget deficit by an estimated 2.3 to 2.5 trillion dollars, primarily through an extension of tax cuts and reductions in social services. Political tensions are heightened, leading to uncertainty about fiscal strategy.
Bernie Sanders, often opposed to both Musk and Trump, expressed support for Musk’s viewpoints, labeling the bill “abomination”. The bipartisan condemnation has intensified scrutiny over US fiscal plans, potentially affecting legislative decision-making.
Market Data Overview
Did you know? Large US budget expansions often push Bitcoin prices higher, historically seen as a hedge during economic uncertainty.
According to CoinMarketCap, Bitcoin (BTC) is priced at $105,429.77 with a market cap of $2.10 trillion. It holds 63.07% market dominance. The 24-hour trading volume is $44.05 billion, showing a 6.36% decrease. BTC’s circulating supply is 19.87 million. Price shifts include a 2.75% rise in the last 24 hours and a 26.40% increase over 60 days, as of June 4, 2025.