Elon Musk accused the U.S. Senate of destroying millions of jobs after the draft of adjustments proposed to President Donald Trump’s fiscal plan, the “Big and Beautiful Bill,” was revealed. Tesla CEO denounced that the latest Senate draft bill, which was being discussed on Saturday for formal debate and voting, “raises the debt ceiling by $5 trillion, the biggest increase in history, putting America in the fast lane to debt slavery!”

RELATED: U.S. Supreme Court Supports Trump’s Attempt to Restrict Birthright Citizenship

“Utterly insane and destructive. It gives handouts to industries of the past while severely damaging industries of the future,” the businessman said on X.

Musk quoted a post by Jesse Jenkins, a professor at Princeton’s Andlinger Center for Energy and the Environment, who calculates that the bill will “kill” hundreds of billions of dollars in energy and manufacturing investments, increase pollution, and reduce the ability to compete with China in artificial intelligence (AI).

In the post, the academic indicated that the budget will raise taxes “on all wind and solar projects that haven’t begun construction today,” in addition to eliminating tax incentives for electric vehicles.

The “Big, Beautiful Bill” would expand the tax cuts from Trump’s first term (2017-2021) and increase spending on defense and immigration control, while cutting assistance programs such as Medicaid and food stamps. The fiscal plan, approved on May 22 by the House, would cost the public debt an estimated $2.4 trillion over the next decade, according to the nonpartisan Congressional Budget Office.

Trump has intensified lobbying in the past week for the Senate to approve his controversial “Big, Beautiful Bill” in the coming days so he can sign it by July 4, Independence Day in the United States.

IN THIS ARTICLE