
The market reaction to Trump’s bill was sharp. Long-term bond yields surged to their highest since 2007, signalling a reduced trust in US debt leading to an increase in borrowing costs. Data at the end of trade on May 23.
“I think a bill can be big or it can be beautiful. But I don’t think it can be both,” Musk added. Trump brought in his biggest donor Musk — the billionaire behind companies like SpaceX and the social media platform X (formerly called Twitter) — to lead Department of Government Efficiency (DOGE), to modernise government operations, streamline bureaucracy, cut wasteful spending, and reduce US debt, which currently stands at over $36 trillion.While DOGE has reported savings of over $175 billionMusk and his team have been criticised for a lack of transparency and faced legal challenges over the scope of their work. Musk had to step back from his role at DOGE to focus more on his businesses after Tesla’s April sales dropped to their lowest level in three years.
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(Edited by : Sriram Iyer)
First Published: May 28, 2025 9:54 AM IS