Musk demands do-over on Trump budget bill

• "A new spending bill should be drafted that doesn't massively grow the deficit and increase the debt ceiling by 5 TRILLION DOLLARS," Musk posted on X.
• The House-passed bill would include $2.4 trillion in deficit spending over the next 10 years, the Congressional Budget Office said on Wednesday.
• CBO also estimated the Trump tariffs would bring in $2.8 trillion in revenue over the next 10 years.

Zoom in: House Speaker Mike Johnson said Wednesday that Musk didn't "answer" a phone call on Tuesday but hopes they can speak today.

• Musk turned on the "one big, beautiful bill" as a "disgusting abomination," but privately tried to block cuts to electric vehicle credits, Axios reported on Tuesday.
• "We don't have time for a brand new bill," Johnson told Fox News on Wednesday. "We worked on the bill for almost 14 months. ... We have a great product to deliver here," he said.
• When asked about Musk's contention that the bill will increase the deficit, Senate Majority Leader John Thune told reporters Wednesday evening, "we believe the opposite."

• He rejected Musk's advice to kill the bill and said they are a long way down the track and were moving forward with it, per a pool report.

Go deeper: Musk nukes Johnson and Thune

Editor's note: This story has been updated with remarks by House Speaker Mike Johnson and Senate Majority Leader John Thune.

Rebecca Falconer contributed reporting.