Tech-billionaire Elon Musk and JP Morgan Chase CEO Jamie Dimon have publicly weighed in on President Trump’s “One Big Beautiful Bill Act,” adding powerful business warnings to the growing chorus of concern about the bill’s projected impact on the national deficit. Their interventions amplify the pressure on the Senate.
The House-passed bill, which aims to cut taxes, increase border and military spending, and reduce Medicaid outlays, is navigating the reconciliation process in the Senate, where a simple majority vote is all that’s required for passage. However, the narrow Republican majority means that the unified front of fiscal conservatives and prominent business leaders is proving influential.
Senators Ron Johnson and Rand Paul are at the forefront of this opposition, echoing Dimon’s sentiment that continued government spending will create a “crisis” in the bond market. Their arguments are bolstered by the CBO’s projection of a $3.8 trillion increase in the deficit over ten years due to the bill’s tax provisions.
The controversial Medicaid provisions, including new work requirements, also face strong opposition. Furthermore, the Byrd Rule could remove non-budgetary provisions such as those related to AI regulations or Planned Parenthood, ensuring that the version ultimately presented to the President will likely be significantly different.