U.S. fiscal collapse Archives - Coin Engineer https://coinengineer.net/blog/tag/u-s-fiscal-collapse/ Btc, Coins, Pre-Sale, DeFi, NFT Thu, 05 Jun 2025 09:39:39 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://coinengineer.net/blog/wp-content/uploads/2024/04/cropped-Coin-Engineer-Logo-Favicon-2-32x32.png U.S. fiscal collapse Archives - Coin Engineer https://coinengineer.net/blog/tag/u-s-fiscal-collapse/ 32 32 Elon Musk: Congressional Spending Bill Is an Absolute Abomination! https://coinengineer.net/blog/trump-law-spending-elon-musk-comment-abomination/ https://coinengineer.net/blog/trump-law-spending-elon-musk-comment-abomination/#respond Thu, 05 Jun 2025 11:00:19 +0000 https://coinengineer.net/blog/?p=43818 Coinbase CEO Brian Armstrong drew attention to the rapidly growing U.S. national debt. He warned that if Congress does not reduce the budget deficit, Bitcoin could become the world’s reserve currency. “I love Bitcoin, but a strong America is also very important,” Armstrong said. The current U.S. debt stands at $36.9 trillion. Armstrong stated that

The post Elon Musk: Congressional Spending Bill Is an Absolute Abomination! appeared first on Coin Engineer.

]]> Coinbase CEO Brian Armstrong drew attention to the rapidly growing U.S. national debt. He warned that if Congress does not reduce the budget deficit, Bitcoin could become the world’s reserve currency. “I love Bitcoin, but a strong America is also very important,” Armstrong said. The current U.S. debt stands at $36.9 trillion. Armstrong stated that if voters do not pressure Congress to reduce the debt, Bitcoin will inevitably step in. Elon Musk supported Armstrong’s post with an American flag emoji. 

A comprehensive bill known to the public as “One Big Beautiful Bill,” approved by the U.S. House of Representatives, aims to make permanent the tax cuts enacted during the Trump era in 2017. Additionally, the bill allocates $46.5 billion to enhance security measures at the U.S.-Mexico border. 

Elon Musk Harshly Criticizes Controversial Spending Bill

Elon Musk called the new congressional spending bill a “abomination.” 

“I’m sorry, but I can’t take this anymore. This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination” he stated. 

Musk harshly criticized lawmakers who supported the bill: “ Shame on those who voted for it: you know you did wrong. You know it.” 

Musk argues that the bill will increase the federal budget deficit by $2.5 trillion. He also emphasized that the bill is filled with special interests and could harm the economy. The legislation is seen as a continuation of former President Trump’s tax and spending package. While it eliminates some government programs, it also extends tax regulations. The statements from Musk and Armstrong have sparked major discussions about the future of the U.S. economy and Bitcoin. White House spokesperson Karoline Leavitt dismissed Musk’s concerns. 

“President Donald Trump is already aware of Elon Musk’s views on this bill. That doesn’t change the president’s stance. This is a big and beautiful bill, and the president stands by it,” she said. 

Elon Musk’s strong support for Donald Trump in last year’s election campaign and his appointment to the Department of Government Efficiency (DOGE) drew attention. However, last week, he resigned from the administration, citing that the bill restricted DOGE’s work and would push the U.S. into more debt.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Elon Musk: Congressional Spending Bill Is an Absolute Abomination! appeared first on Coin Engineer.

]]> https://coinengineer.net/blog/trump-law-spending-elon-musk-comment-abomination/feed/ 0