Sen. James Lankford, R-Okla., outlines what’s forward for delivering President Donald Trump’s ‘huge, lovely invoice’ and dispels myths about Medicaid cuts on ‘The Backside Line.’
Former DOGE head and tech mogul Elon Musk took to X on his 54th birthday Saturday to bash the newest Senate draft of President Donald Trump’s “huge, lovely invoice,” which might “destroy thousands and thousands of jobs” and lift taxes on all wind and photo voltaic initiatives that haven’t but began building.
“The newest Senate draft invoice will destroy thousands and thousands of jobs in America and trigger immense strategic hurt to our nation! Totally insane and damaging,” Musk wrote within the publish.
The publish comes after Musk had a public falling out with Trump earlier this month over the administration’s “huge, lovely” spending invoice.
Elon Musk alleged the wind and photo voltaic cuts could be detrimental to the financial system. (Adam Glanzman/Bloomberg through Getty Photos / Getty Photos)
The billionaire criticized the primary model of the invoice June 3, calling it a “large, outrageous, pork-filled Congressional spending invoice [that] is a disgusting abomination.”
“Disgrace on those that voted for it: you already know you probably did unsuitable,” Musk wrote within the June 3 publish. “You realize it.”
Elon Musk’s spat with President Trump over the “huge, lovely invoice” continues to rage. (Getty Photos / Getty Photos)
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The brand new model, which Senate Republicans hope to ship to the president by July 4, was debuted Friday night time by Senate Funds Committee Chair Lindsey Graham, R-S.C.
Among the many modifications within the invoice are changes to the Medicaid supplier tax charge, cost-sharing for meals advantages, caps on state and native tax (SALT) deductions and cuts to wind and photo voltaic incentives.
The brand new spending pointers restrict credit to websites that begin manufacturing earlier than 2028 and introduce new taxes on sure initiatives that begin thereafter.
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In his publish in regards to the environmental cuts, Musk mentioned the invoice would give “handouts” to industries of the previous, whereas severely damaging industries of the long run.
The American Clear Energy Affiliation (ACP) issued an analogous assertion Saturday, noting the brand new taxes would freeze power investments, cut back home power manufacturing and drive up family power payments.
“With no warning, the Senate has proposed new language that may enhance taxes on home power manufacturing,” ACP CEO Jason Grumet wrote in a press release. “In what can solely be described as ‘midnight dumping,’ the Senate has proposed a punitive tax hike focusing on the fastest-growing sectors of our power trade.”
The wind and photo voltaic cuts have been criticized by Senate Democrats. (Stacey Wescott/Chicago Tribune/Tribune Information Service through Getty Photos / Getty Photos)
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Grumet added the brand new taxes would “strand lots of of billions of {dollars} in present investments, threaten power safety, undermine progress in home manufacturing and land hardest on rural communities who would have been the best beneficiaries of fresh power funding.”
“We perceive the Senate’s need to fulfill the President’s July 4th deadline, however the stakes listed below are very excessive,” he wrote. “We urge Senate management to strike these last-minute tax will increase and to take the time to responsibly analyze the impacts of this new tax regime on American companies and communities.”
Sen. Elizabeth Warren, D-Mass., on Saturday afternoon mentioned she was serving to to carry the Senate “all night time” to “FORCE” a full studying of the almost 1,000-page invoice.
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“Democrats want to make use of each second to battle again towards the Huge Stunning Invoice,” Warren wrote on X.
The White Home didn’t instantly reply to Fox Information Digital’s request for remark.
Fox Information Digital’s Alex Miller, Rachel del Guidice and Brian Flood contributed to this report.