Yesterday’s News 2025 06 04

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Musk budget tweets merged

WSJ: Elon Musk Calls Trump Megabill a ‘Disgusting Abomination’

Billionaire sides with GOP critics who say measure doesn’t cut spending enough

Former White House cost-cutting czar Elon Musk called President Trump’s “big, beautiful” tax and spending package a “disgusting abomination,” stepping up his criticism just as the Senate is trying to quickly pass the measure and get it signed into law by July 4.

“Shame on those who voted for it: you know you did wrong. You know it,” said Musk, in comments on his X social-media platform. Musk, who left the administration last week, called the package a “massive, outrageous, pork-filled Congressional spending bill.”

NY Times: Republican Policy Bill Would Add $2.4 Trillion to Debt, Budget Office Says

The estimate from the nonpartisan Congressional Budget Office is all but certain to inflame an already intense debate inside the G.O.P. about the fiscal consequences of their bill to enact President Trump’s agenda.

AXIOS: Four reasons Musk attacked Trump’s “big beautiful bill”

  1. The legislation cuts the electric vehicle tax credit that helps car makers like Musk’s Tesla.
  2. Musk was working at the White House as what’s called a “special government employee,” and he had discussed trying to stay in that role beyond the 130-day time limit set by statute for the unpaid advisory position. But ultimately, White House officials said he couldn’t keep serving in that capacity.
  3. Musk also wanted the Federal Aviation Administration to use his Starlink satellite system for national air traffic control, the sources said. But the administration balked at it because of the appearance of a conflict of interest and for technological reasons. “You can’t have air traffic control just run off satellites,” the second source said.
  4. The final straw for Musk appeared to come Saturday night, when Trump abruptly announced he was withdrawing the nomination of Jared Isaacman, a Musk ally, to be NASA administrator.

(AXIOS more…)

Borowitz: Elon Loses Again!

Seekin Alpha: Rare Earths And The Trade War

It’s not being publicly advertised, but access to rare earths is playing an outsized role in resurgent U.S.-China trade tensions. Following last month’s détente in Geneva, it was apparently agreed that both sides would roll back retaliatory tariffs imposed since April 2, but there has been disagreement over export controls and sector-specific levies. China appears to be keeping in place a strict approvals process on rare earths that are used in everything from commercial vehicles to military equipment, while the U.S. has increased tariffs on steel and aluminum to 50%.
(Seeking Alpha more…)

Politico: Trump officials delayed farm trade report over deficit forecast

Administration officials blocked publication of written analysis that normally accompanies the report because they disliked what it said about the deficit.

Barron’s: US Private Sector Hiring Sharply Slows, Drawing Trump Ire


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