Sen. Elizabeth Warren (D-Mass.) unleashed sharp criticism of President Donald Trump‘s $3.8 trillion tax package after the House narrowly approved the legislation 215-214 on Thursday, accusing billionaires Jeff Bezos and Elon Musk of celebrating while millions face healthcare cuts.
What Happened: “Elon Musk and Jeff Bezos are popping champagne because House Republicans just passed Trump’s ‘big, beautiful bill,’” Warren wrote on X. “This bill is a big tax handout for billionaires, paid for by ripping health insurance from 14 million people.”
The legislation now advances to the Senate before the July 4 recess. Bond markets reacted sharply to the passage, with 30-year Treasury yields spiking to 5.15% — the highest level since October 2023 — as investors demand higher compensation for increased fiscal risk.
Warren warned the bill represents “the greatest transfer of wealth from the poor to the billionaires in one bill in all of U.S. history.”
Why It Matters: The Massachusetts senator specifically targeted tech moguls who attended Trump’s inauguration, claiming they “paid millions of dollars to stand in the front row” and are now “popping bottles of champagne that cost more than your rent.”
Market analysts acknowledge short-term economic benefits but express concern over long-term fiscal consequences. Jed Ellerbroek of Argent Capital Management told CNBC the package “will boost the economy in the short term” through tax cuts and increased defense spending, but warned it will burden America with higher deficits.
The Congressional Budget Office estimates the legislation could increase national debt by $2.3 trillion to $5.7 trillion by 2034, adding to the current record $36.2 trillion federal debt. The bill also eliminates key federal retirement benefits, including the FERS supplement for workers retiring before age 62.
Warren urged Senate Democrats to “stop this thing from passing the Senate.”
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