Treasury Secretary Bessent Defends "One Big Beautiful Bill," Urges Elon Musk to Focus on Business Amid America Party Launch

U.S. Treasury Secretary Scott Bessent has publicly responded to Elon Musk's criticism of President Donald Trump's "One Big Beautiful Bill" and Musk's recent political activities. Bessent expressed admiration for Musk's leadership in aerospace, stating, "I admire Elon’s leadership on rockets. I will take care of the finances." He disagreed with Musk's assertion that the tax bill would increase the national deficit, asserting that the bill "more than pays for itself" and will stimulate unprecedented economic growth.

Bessent emphasized confidence that the legislation will reduce the national debt, noting bipartisan Senate support with Vice President Vance breaking a tie vote. Following Musk's announcement of forming a new political party called the "America Party," Bessent advised Musk to focus on his business ventures rather than politics. He remarked that while the principles of the Department of Government Efficiency (DOGE) were popular, Musk himself was not, referencing polling data. Bessent also suggested that the boards of Musk's companies were unhappy with his political ambitions and preferred he concentrate on running those companies. This exchange highlights ongoing tensions between Musk's political initiatives and the Treasury Secretary's fiscal stewardship amid the implementation of the tax legislation.