Elon Musk warns excessive spending will plunge US 'into debt slavery'

Elon Musk rips ‘disgusting’ Trump-backed spending bill

FOX Business’ Gerri Willis and David Asman join ‘The Story’ to break down Elon Musk’s criticism of the Trump-backed spending bill.

Billionaire business tycoon Elon Musk, who issued a scathing rebuke of the One Big Beautiful Bill Act and the House Republicans who voted for it, is sounding the alarm about America's profligate spending, warning that it will plunge the nation "into debt slavery."

"This immense level of overspending will drive America into debt slavery!" Musk declared early on Wednesday in a post on X. 

His warning comes as the U.S. national debt is more than $36 trillion. 

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President Donald Trump, joined by Tesla CEO Elon Musk, speaks to reporters in the Oval Office of the White House on May 30, 2025 in Washington, D.C. (Kevin Dietsch/Getty Images)

"Interest payments already consume 25% of all government revenue. If the massive deficit spending continues, there will only be money for interest payments and nothing else! No social security, no medical, no defense … nothing," he declared in another post.

President Donald Trump has been supporting the proposal that cleared the House last month, but on Tuesday, Musk blasted both the measure and those who voted for it.

"I’m sorry, but I just can’t stand it anymore. This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You know it," Musk asserted in a post on X.

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When Fox News' Peter Doocy brought up Musk's critique on Tuesday, White House press secretary Karoline Leavitt said that "the president already knows where Elon Musk stood on this bill. It doesn't change the president's opinion. This is one big, beautiful bill, and he's stickin' to it."

Musk is pounding the drum on the importance of tackling America's debt and spending problems.

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"Mammoth spending bills are bankrupting America! ENOUGH," Musk declared in a tweet.

Alex Nitzberg is a writer for Fox News Digital.