Senate Republicans are pressing forward with a sweeping economic package that includes the permanent extension of President Donald Trump’s 2017 tax cuts — but in a move that’s drawing fierce criticism, they’re using an unprecedented accounting gimmick to hide the bulk of the bill’s $3.8 trillion price tag.
On Monday, GOP senators voted to adopt the controversial “current policy” approach, which treats Trump’s tax cuts as if they are already permanent — effectively rendering their cost invisible in the official score. The real impact, however, remains staggering. According to the Joint Committee on Taxation, simply extending the 2017 cuts would cost $3.8 trillion over 10 years. Yet the bill’s official price tag includes only $693 billion in new provisions — an omission that has alarmed budget analysts, drawn Democratic ire, and stirred internal tensions within the Republican Party.
The nonpartisan Congressional Budget Office (CBO) on Sunday estimated the legislation would add $3.3 trillion to the federal deficit over a decade under current law. Republicans argue that by measuring the bill against their “current policy” baseline — which assumes the tax cuts will remain in place — the cost drops to a more palatable $508 billion. Opponents, however, say the logic is circular and fundamentally dishonest.
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“Even a preschooler knows this is magic math,” said Senator Patty Murray, the top Democrat on the Senate Appropriations Committee. “They’re trashing the rules just to make the bill look cheaper than it is.”
The maneuver enables Republicans to circumvent traditional budgetary constraints imposed by the Senate’s reconciliation process, which is designed for legislation with limited fiscal impact. By redefining what counts as a “cost,” GOP lawmakers can circumvent rules that would otherwise block the bill from passing with a simple majority.
Senator Lindsey Graham defended the move, saying, “We are going to make the tax cuts permanent. We’re not doing anything sneaky.”
Musk Declares War on the Bill
But outside the halls of Congress, the move has prompted a political firestorm — with Elon Musk leading the charge.
The tech billionaire launched a scathing attack on the legislation Monday afternoon, hours before the Senate was set to vote. Taking to X (formerly Twitter), Musk warned that any Republican who supports the bill should be prepared to face the consequences in next year’s primary elections.
“Every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history should hang their head in shame,” Musk wrote. “And they will lose their primary next year if it is the last thing I do on this Earth.”
Musk, who previously vowed to scale back political spending, now appears poised to pour resources into funding challengers against Republicans he accuses of hypocrisy. His remarks underscore growing tension between Trump-aligned Republicans pushing for massive tax relief and fiscal conservatives — including high-profile donors — alarmed by America’s deteriorating debt outlook.
Musk has long voiced frustration with government spending, but his recent feud with Trump, as well as the bill’s rollback of green energy incentives, appears to have reignited his political engagement.
What’s in the Bill?
Beyond the extension of Trump’s 2017 tax cuts, the legislation includes nearly $700 billion in additional tax provisions. Notably, it provides a five-year increase in the cap on the state and local tax (SALT) deduction, which largely benefits residents of high-tax states. The inclusion of temporary cuts, rather than permanent ones, is designed to lower the apparent cost — a tactic used in the original 2017 legislation as well.
Trump has repeatedly urged Congress to pass what he calls “One Big, Beautiful Bill” by July 4. The Senate is expected to vote on final passage Tuesday, while the House could take up the legislation as early as Wednesday.
The package is a centerpiece of Trump’s 2025 economic agenda and is seen as a crucial test of Republican unity heading into the November elections. While the president continues to rally support behind the bill, opposition from fiscal hawks and mega-donors like Musk may complicate efforts to keep the GOP coalition intact.
Budget experts warn that the GOP’s accounting trick sets a dangerous precedent. If lawmakers normalize scoring massive tax cuts as having no cost, it could open the door to increasingly reckless fiscal policy. With debt levels already projected to hit record highs within the next decade, some economists believe that the strategy could further erode confidence in U.S. fiscal management.