Treasury Secretary Scott Bessent on Tuesday dismissed the debt-focused attacks by tech entrepreneur Elon Musk against Republicans who back the “One Big, Beautiful Bill” championed by President Donald Trump.
During an evening interview on Fox News, Bessent assured host Laura Ingraham that the legislation would be the start of Washington’s effort to get its financial house in order, after being pressed on Musk’s threat to back primary challengers against GOP lawmakers who vote for it.
“As I said earlier this morning, I think if Elon sticks to rockets, I will stick to finance,” Bessent said, alluding to how Musk owns SpaceX. “And, you know, I am confident that this bill is going to pay down the debt and there were 50 senators who weren’t threatened by his words.”
Bessent fires back at @elonmusk criticism
“If Elon sticks to rockets, I’ll stick to finance. I’m confident this bill pays down debt. 50 senators weren’t threatened by his words— @VP broke the tie. Trump’s shown incredible leadership moving this forward.” —Treasury… pic.twitter.com/Rqxpp7DXeU
— Laura Ingraham (@IngrahamAngle) July 1, 2025
GOP leaders in Congress have been racing to get the legislation to Trump by his stated deadline of July 4. Topline items include extending the 2017 tax cuts, which are set to expire at the end of this year; boosting funds for border security and the military; cutting red tape for American energy production; and raising the debt ceiling by trillions of dollars.
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The Senate passed on Tuesday the 800+page bill, which aims to fulfill many of Trump’s spending and tax-cut goals for his second term, by a 51-50 vote. Vice President JD Vance broke a tie after three Republicans — Sens. Thom Tillis (R-NC), Rand Paul (R-KY), and Susan Collins (R-ME) — broke ranks and opposed the measure.
In addition to raising concerns about Medicaid cuts, critics of the bill are spooked by estimates showing it would add trillions of dollars to the national debt. Its defenders insist the legislation will help grow the economy in a way that crushes the problem in the long term.
Musk, whose alliance with President Donald Trump crumbled several weeks ago after he began openly criticizing the “One Big, Beautiful Bill,” warned on Monday that he would actively work toward ensuring GOP lawmakers who voted for the legislation, despite GOP campaign promises to rein in government spending, get voted out of office.
“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 said in a post on X. “And they will lose their primary next year if it is the last thing I do on this Earth.”
Such a move would mark a massive turnaround for Musk, who spent more than $250 million to help Trump and other Republicans win elections last year before spearheading the current administration’s Department of Government Efficiency (DOGE) effort through roughly the end of May with a stated mission of getting rid of waste, fraud, and abuse.
Trump shot back at Musk, who also proposed a new political party, suggesting that “DOGE is the monster that might have to go back and eat Elon” and suggested any subsidies his companies get might be in jeopardy. The president himself threatened to rally behind primary challengers against Republicans who oppose the bill. One of them, Tillis, announced on Sunday that he would not seek re-election. Another is Rep. Thomas Massie (R-KY), whom Musk said he would support.
Bessent voiced confidence in the bill’s prospects as the House considered the Senate-amended version, even as some GOP lawmakers derided changes made by the upper chamber.
“President Trump has shown incredible leadership on this and in conjunction with Senate Majority Leader John Thune (R-SD) and House Speaker Mike Johnson (R-LA),” Bessent said, “I think they are going to hold the majorities together and push this forward.”