As tensions escalate between President Donald Trump and Elon Musk, the Tesla CEO warned that Trump’s "big, beautiful bill" will trigger an economic recession. It comes as the Congressional Budget Office reports that Trump's tariffs plan would reduce the deficit but shrink the economy.

The GOP's contentious budget bill was approved by the House by the narrowest possible margin last month, and was recently lambasted by former Trump advisor Elon Musk.

The Trump administration has accused the CBO of being a partisan, left-wing institution with a track record of incorrect economic forecasts.