Bessent mocks Musk’s advice: ‘I will take care of the finances’ – Washington Examiner
In a recent Fox News appearance, treasury Secretary Scott Bessent responded to criticisms from Elon Musk regarding the recently passed One Big Beautiful Bill Act. Musk has expressed concerns that the tax legislation could add considerably to the national debt and has advocated against it due to its perceived negative impact on the economy and future industries, including the elimination of electric vehicle tax credits.
Bessent dismissed Musk’s assertions, particularly his claim that the bill would contribute an additional $5 trillion to the deficit. He argued that the legislation would stimulate unprecedented economic growth, suggesting that it could even lead to a fiscal surplus. Bessent emphasized his confidence in the bill’s potential to drive growth beyond projections made by the Congressional Budget Office (CBO), which predicts a modest annual growth rate. Bessent concluded by asserting his capability in managing finances, contrasting his fiscal approach with Musk’s.
Scott Bessent mocks Musk’s advice: ‘I will take care of the finances’
Treasury Secretary Scott Bessent dismissed Elon Musk’s criticisms of the One Big Beautiful Bill Act, which the Senate recently passed.
Musk has consistently complained that the tax legislation will contribute to the national debt. As a former adviser to President Donald Trump, Musk has advocated against the bill, pledging to create a new political party committed to reducing debt.
“I admire Elon’s leadership on rockets,” Bessent responded to Musk on Fox News’s Fox and Friends Tuesday. “I will take care of the finances.”
Bessent disagreed with Musk’s prediction that this bill will add $5 trillion to the current deficit of over $1.3 trillion.
“Because this bill will set off growth like we have never seen before,” Bessent said. “The CBO projections only project 1.8% per year growth, which is substantially below what we saw in President Trump’s first term. And I think we are going to see big acceleration here. And once you see the growth trajectory change to an upward bias, the bill more than pays for itself. We could be in surplus.”
TUBERVILLE QUESTIONS MUSK’S ABILITY TO FUND PRIMARY CHALLENGERS
Musk claimed Friday that the legislation “gives handouts to industries of the past while severely damaging industries of the future,” likely referring to the bill’s end of electric vehicle tax credits. The bill passed the Senate on Tuesday in a 51-50 vote.
Tesla has also been affected by the tariffs Trump imposed against China. While Tesla is the only electric vehicle company that manufactures its cars in California, some of its parts are still imported.
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