Bessent Dismisses Musk Attacks Over Trump-Backed Spending Bill

The drama over President Donald Trump’s sweeping economic reform package escalated this week as Treasury Secretary Scott Bessent pushed back hard against criticism from former ally Elon Musk, who has threatened political retribution against Republicans who support the bill. With the “One Big, Beautiful Bill” clearing the Senate in a narrow 51-50 vote, the political stakes have never been higher and neither has the tension between America’s top financier and its most controversial tech mogul.

On Fox News Tuesday night, Bessent told host Laura Ingraham: “If Elon sticks to rockets, I’ll stick to finance.” It was a pointed jab at Musk, who now finds himself at odds with the very administration he helped elevate. Musk’s meltdown began when he accused GOP lawmakers of betraying their campaign promises to reduce federal spending. He’s vowed to ensure primary defeat for any Republican who voted for the bill.

But Bessent stood his ground, explaining that the bill crafted to extend the popular Trump tax cuts from 2017, secure the border, rebuild the military, and unleash American energy will ultimately grow the economy and reduce long-term debt.

Here’s what’s in the bill:

• Extends the 2017 Trump tax cuts, preventing a looming tax hike for millions of American families and small businesses.

• Raises the debt ceiling by trillions to stabilize the economy and avoid a default.

• Boosts defense and border security funding, putting America’s safety first.

• Slashes bureaucratic red tape to speed up energy development and revive American manufacturing.

Critics point to estimates projecting trillions in added national debt, but supporters argue that the bill's pro-growth policies will supercharge revenue and reduce the debt over time. It's classic supply-side economics exactly the formula that fueled the Trump boom before Biden derailed it.

Vice President JD Vance broke the Senate tie after three Republicans Rand Paul, Susan Collins, and Thom Tillis voted against the measure. Notably, Tillis announced this week that he will not seek re-election, after Trump hinted at primary challenges against GOP defectors. Meanwhile, Rep. Thomas Massie is also in Musk’s crosshairs, with the billionaire promising his financial backing in a possible primary battle.

The clash between Musk and Trump has been brewing since Musk’s exit from the Department of Government Efficiency (DOGE) earlier this year. Once a major backer who spent over $250 million to help Republicans win in 2024, Musk now seems intent on dismantling Trump’s legislative agenda starting with this bill.

Trump, never one to back down, fired back at Musk, joking that “DOGE is the monster that might have to go back and eat Elon,” while suggesting that the billionaire’s companies might not want to depend too heavily on federal subsidies going forward.

Despite the noise, Bessent expressed optimism that the House would follow the Senate’s lead and get the bill to Trump’s desk by the July 4 deadline. “President Trump has shown incredible leadership,” Bessent said, emphasizing the unified push from Speaker Mike Johnson and Majority Leader John Thune.

As Trump solidifies his vision for a second term, the choice becomes clear: a pro-growth, pro-security economic path led by proven leaders or Silicon Valley billionaires trying to run Washington from their Twitter feeds.

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