Elon Musk's $2 trillion in miracle money forgotten as Trump administration rushes unfunded tax cuts

[UpInArms]

I guess we can say so long to Elon Musk, his magic chainsaw and his big talk of cutting $1 trillion, or even $2 trillion, in “waste, fraud and abuse” from the federal budget.

Treasury Secretary Scott Bessent and others in the Republican leadership aren’t waiting around for Musk’s miracle money before rushing ahead with President Donald Trump’s real flagship policy: tax cuts costing $500 billion a year (or more).

That’s the cost before we count all the extras, such as no taxes on tips.

Bessent says Congress should pass the massive tax cuts by July 4. That’s just over two months from now.
Some people may ask: What’s the hurry? Why don’t we wait until Elon Musk and DOGE have produced their massive budget savings so we can see what kind of tax cuts the country can afford?

Otherwise these are just going to be unfunded tax cuts — the kind that the federal government absolutely cannot afford.

More at:

https://archive.ph/iKjGV

[WSHazel]

1. If the bond market is wobbly now

This budget may send the bond market over a cliff.

Where is the demand for $2 trillion of treasuries every year into infinity?

[RainCaster]

2. who will buy that shit?

No intelligent investor will want to buy the debt of a bankrupt dick tator.