Trump's spending bill includes around $4.9 trillion in tax breaks and increases funding for defense and border security, some of which would be paid for by Social Security cuts. It would also raise the debt ceiling, the limit on how much the federal government can borrow, to $4 trillion.

Elon Musk has issued a stark warning about the future of social security, health care, and defense funding due to massive deficit spending related to President Trump’s tax plan. The tech billionaire voiced his concerns on his Truth Social website early on June 4,