• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup

2

Markets tumble worldwide as Fed resets expectations: $400 billion wiped off SpaceX stock

3

Current price of oil as of June 23, 2026

1

After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup

2

Markets tumble worldwide as Fed resets expectations: $400 billion wiped off SpaceX stock

3

Current price of oil as of June 23, 2026
PoliticsTaxes

Trump pushes senators to pass his big tax bill by the Fourth of July just as Elon Musk slams it as a ‘disgusting abomination’

By
Lisa Mascaro
Lisa Mascaro
,
Mary Clare Jalonick
Mary Clare Jalonick
, and
The Associated Press
The Associated Press
Down Arrow Button Icon
By
Lisa Mascaro
Lisa Mascaro
,
Mary Clare Jalonick
Mary Clare Jalonick
, and
The Associated Press
The Associated Press
Down Arrow Button Icon
June 4, 2025, 4:18 AM ET
Senate Majority Leader John Thune, R-S.D., arrives for a vote as Republicans work to advance President Donald Trump's spending and tax bill, at the Capitol in Washington, on June 3, 2025.
Senate Majority Leader John Thune, R-S.D., arrives for a vote as Republicans work to advance President Donald Trump's spending and tax bill, at the Capitol in Washington, on June 3, 2025.J. Scott Applewhite—AP
Add Fortune on Google for similar content.

President Donald Trump wants his “big, beautiful” bill of tax breaks and spending cuts on his desk to be signed into law by the Fourth of July, and he’s pushing the slow-rolling Senate to make it happen sooner rather than later.

Recommended Video

Trump met with Senate Majority Leader John Thune at the White House earlier this week and has been dialing senators for one-on-one chats, using both the carrot and stick to nudge, badger and encourage them to act. But it’s still a long road ahead for the 1,000-page-plus package.

“His question to me was, How do you think the bill’s going to go in the Senate?” Sen. Josh Hawley, R-Mo., said about his call with Trump. “Do you think there’s going to be problems?”

It’s a potentially tumultuous three-week sprint for senators preparing to put their own imprint on the massive Republican package that cleared the House late last month by a single vote. The senators have been meeting for weeks behind closed doors, including as they returned to Washington late Monday, to revise the package ahead of what is expected to be a similarly narrow vote in the Senate.

“Passing THE ONE, BIG, BEAUTIFUL BILL is a Historic Opportunity to turn our Country around,” Trump posted on social media. He urged senators Monday “to work as fast as they can to get this Bill to MY DESK before the Fourth of JULY.”

But Trump’s high-octane ally, billionaire Elon Musk, lambasted the package — and those voting for it.

“This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination,” Musk posted on his site X, as some lawmakers have expressed reservations about the details. “Shame on those who voted for it: you know you did wrong. You know it.”

A test for Thune

Thune, like House Speaker Mike Johnson, has few votes to spare from the Senate’s slim, 53-seat GOP majority. Democrats are waging an all-out political assault on GOP proposals to cut Medicaid, food stamps and green energy investments to help pay for more than $4.5 trillion in tax cuts — with many lawmakers being hammered at boisterous town halls back home.

“It’d be nice if we could have everybody on board to do it, but, you know, individual members are going to stake out their positions,” Thune said Tuesday. “But in the end, we have to succeed. Failure’s not an option.”

Johnson called Musk’s harsh criticism of the bill “very disappointing.”

“With all due respect,” said Johnson, who said he spoke with Musk for more than 20 minutes, “my friend Elon is terribly wrong about the one big beautiful bill.”

At its core, the package seeks to extend the tax cuts approved in 2017, during Trump’s first term at the White House, and add new ones the president campaigned on, including no taxes on tips. It also includes a massive buildup of $350 billion for border security, deportations and national security.

To defray the lost tax revenue to the government and avoid piling onto the nation’s $36 trillion debt load, Republicans want reduce federal spending by imposing work requirements for some Americans who rely on government safety net services. Estimates are 8.6 million people would no longer have health care and nearly 4 million would lose Supplemental Nutritional Assistance Program benefits, known as SNAP.

The package also would raise the nation’s debt limit by $4 trillion to allow more borrowing to pay the bills.

Senate Democratic Leader Chuck Schumer said Trump’s bill “is ugly to its very core.”

Schumer said Tuesday that senators should listen to Musk. “Behind the smoke and mirrors lies a cruel and draconian truth: tax breaks for the ultra-wealthy paid for by gutting health care for millions of Americans,” said the New York senator.

The nonpartisan Congressional Budget Office is expected to soon provide an overall analysis of the package’s impacts on the government balance sheets. But Republicans are ready to blast those findings from the congressional scorekeeper as flawed.

The GOP holdouts

Trump switched to tougher tactics Tuesday, deriding the holdout Republican senators.

The president laid into Kentucky Sen. Rand Paul, the libertarian-leaning deficit hawk who has made a career of arguing against government spending. Paul wants the package’s $4 trillion increase to the debt ceiling out of the bill.

“Rand votes NO on everything, but never has any practical or constructive ideas. His ideas are actually crazy (losers!),” Trump posted.

Paul seemed unfazed. “I like the president, supported the president,” the senator said. “But I can’t in good conscience give up every principle that I stand for and every principle that I was elected upon.”

The July 4th deadline is not only aspirational for the president, it’s all but mandatory for Treasury Secretary Scott Bessent, who has warned Congress that the nation will run out of money to pay its bills if the debt ceiling, now at $36 trillion, is not lifted by mid-July or early August to allow more borrowing. Bessent has also been meeting behind closed doors with senators and GOP leadership.

To make most of the tax cuts permanent — particularly the business tax breaks that are the Senate priorities — senators may shave some of Trump’s proposed new tax breaks on automobile loans or overtime pay, which are less prized by some senators.

There are also discussions about altering the $40,000 cap that the House proposed for state and local deductions, known as SALT, which are important to lawmakers in high-tax New York, California and other states, but less so among GOP senators.

“We’re having all those discussions,” said Sen. Thom Tillis, R-N.C., another key voice in the debate.

Hawley is a among a group of senators, including Maine Sen. Susan Collins and Alaska Sen. Lisa Murkowski, who have raised concerns about the Medicaid changes that could boot people from health insurance.

A potential copay of up to $35 for Medicaid services that was part of the House package, as well as a termination of a provider tax that many states rely on to help fund rural hospitals, have also raised concerns.

“The best way to not be accused of cutting Medicaid is to not cut Medicaid,” Hawley said. Collins said she is reviewing the details.

Subscribe to Fortune Gulf Brief. Every Tuesday, this new newsletter delivers clear-eyed, authoritative intelligence on the deals, decisions, policies, and power shifts shaping one of the world’s most consequential regions, written for the people who need to act on it. Sign up here.
About the Authors
By Lisa Mascaro
See full bioRight Arrow Button Icon
By Mary Clare Jalonick
See full bioRight Arrow Button Icon
By The Associated Press
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Politics

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Politics

You can ignore Trump’s threats to leave NATO: Pimco says they’re a ‘paper tiger’
EconomyMarkets
You can ignore Trump’s threats to leave NATO: Pimco says they’re a ‘paper tiger’
By Jim EdwardsJune 24, 2026
38 minutes ago
Google DeepMind CEO Demis Hassabis (left) stands on a spiral staircase next to Google DeepMind researcher John Jumper.
NewslettersEye on AI
Defections from Google DeepMind prompt questions about Alphabet’s efforts to stay at the forefront of AI
By Jeremy KahnJune 23, 2026
16 hours ago
k
PoliticsElections
Coming to an election near you: prediction markets
By Matt Motta, Robert Ralston and The ConversationJune 23, 2026
17 hours ago
Doctor giving patient injection in volunteer clinic
HealthHealth
For the first time ever, no young women in England died of cervical cancer. In the U.S., RFK Jr.’s vaccine skepticism stalls HPV progress
By Catherina GioinoJune 23, 2026
18 hours ago
ks
PoliticsUnited Kingdom
10 years of Brexit means 7 Prime Ministers and a broken British politics
By Jill Lawless and The Associated PressJune 23, 2026
19 hours ago
burnham
PoliticsUnited Kingdom
Britain poised for ‘Manchesterism’ under presumptive next Prime Minister Andy Burnham
By Jill Lawless and The Associated PressJune 23, 2026
20 hours ago

Most Popular

After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup
Success
After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup
By Orianna Rosa RoyleJune 23, 2026
22 hours ago
Markets tumble worldwide as Fed resets expectations: $400 billion wiped off SpaceX stock
Banking
Markets tumble worldwide as Fed resets expectations: $400 billion wiped off SpaceX stock
By Jim EdwardsJune 23, 2026
1 day ago
Current price of oil as of June 23, 2026
Personal Finance
Current price of oil as of June 23, 2026
By Joseph HostetlerJune 23, 2026
22 hours ago
Meet the 2 men putting New York's $300 billion pension fund in play for the first time in 20 years
Investing
Meet the 2 men putting New York's $300 billion pension fund in play for the first time in 20 years
By Nick LichtenbergJune 22, 2026
2 days ago
Former U.S. Secret Service agent says bringing your authentic self to work stifles teamwork: 'You don’t get high performers, you get sloppiness'
Success
Former U.S. Secret Service agent says bringing your authentic self to work stifles teamwork: 'You don’t get high performers, you get sloppiness'
By Sydney LakeJune 21, 2026
3 days ago
Texas and Charlotte used to build huge McMansions—now they're copying the California design tricks they once mocked
Real Estate
Texas and Charlotte used to build huge McMansions—now they're copying the California design tricks they once mocked
By Sydney LakeJune 22, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.