Peter Schiff Backs Musk's Furious Attack On Trump's 'Disgusting' Budget Bill, Slams GOP Hypocrisy: 'So Glad ... Hopefully Elon Can Persuade Trump To Veto It'

On Tuesday, Tesla Inc. TSLA CEO Elon Musk criticized President Donald Trump's flagship spending bill, drawing praise from economist Peter Schiff for confronting what both see as Republican fiscal hypocrisy.

What Happened: Musk blasted the proposed legislation—dubbed the "One Big Beautiful Bill Act"—calling it a "disgusting abomination" that would massively inflate the federal deficit.

"Shame on those who voted for it: you know you did wrong. You know it," Musk wrote on X, formerly Twitter.

Musk, who has stepped down from his role as head of the Department of Government Efficiency, stated that the bill would push the annual deficit to $2.5 trillion and saddle Americans with "crushingly unsustainable debt."

Economist and market commentator Schiff supported Musk's remarks, labeling the bill a fraud. "It will actually increase annual deficits by much more as the economic and interest rate assumptions are too optimistic," Schiff posted.

"I'm so glad Elon is willing to call out the hypocrisy in the Republican party. He is a man of principle."

Why It's Important: The bill, passed in the House by a single vote, would extend Trump's 2017 tax cuts and significantly boost military and border security spending.

The nonpartisan Congressional Budget Office estimates it would add $3.8 trillion to the national debt, which already stands at $36.2 trillion, reported Reuters.

On Tuesday, the White House brushed off Musk's latest criticism, similar to how Trump had previously dismissed Musk’s objections to the legislation.

"The president already knows where Elon Musk stood on the bill," White House press secretary Karoline Leavitt stated during a briefing. "It doesn’t change the president’s opinion. This is one big, beautiful bill, and he’s sticking to it," the report noted.

Photo Courtesy: RKY Photo on Shutterstock.com

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