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.

Elon Musk escalated his criticisms of Trump's "big, beautiful bill" after the White House pulled a nomination for NASA administrator Jared Isaacman.

U.S. economic output will fall as a result of President Donald Trump's new tariffs on foreign goods that were in place as of May 13, while also reducing federal budget deficits by $2.8 trillion over a decade,

The Congressional Budget Office released new numbers on the monetary impacts of President Trump's budget bill and tariffs on Wednesday. CBS News chief White House correspondent Nancy Cordes reports.

President Donald Trump attacked the Congressional Budget Office after its analysts found his tariff plan would cut the federal deficit, but he said their findings weren't issued soon enough. The nonpartisan legislative agency found the tariffs would cut deficits by $2.