logo
Elon Musk Vows to Campaign Against Republicans Who Back Debt-Raising Megabill

Elon Musk Vows to Campaign Against Republicans Who Back Debt-Raising Megabill

Yahoo01-07-2025
Elon Musk looks on during a Cabinet meeting at the White House on April 30, 2025. Credit - Andrew Harnik—Getty Images
President Donald Trump has made clear that any Republican member of Congress who opposes his sprawling tax-and-spending package dubbed the 'One Big Beautiful Bill' will face his wrath. He launched a campaign to primary Rep. Thomas Massie of Kentucky and suggested he would do the same against Sen. Thom Tillis of North Carolina, before Tillis announced that he wouldn't seek reelection.
Now, however, another powerful political kingmaker has vowed to challenge any Republican who supports the bill.
'Every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history should hang their head in shame!' tech billionaire and former close ally of Trump Elon Musk posted on X. 'And they will lose their primary next year if it is the last thing I do on this Earth.'
Musk spent more than $250 million to help elect Trump in 2024 but said in May that he had 'done enough' and was going to do 'a lot less in the future.' He added at the time, however, 'if I see a reason to do political spending in the future, I will do it.'
Musk posted his warning, among many posts on the topic, on Monday night as Senators continued to vote on a series of amendments to the megabill, which estimates say will add trillions to the national deficit and lead to cuts to Medicaid.
Reigniting a once-regretted feud with the President and Republicans that exploded after Musk left a temporary government role in the Administration in May, Musk reiterated a prior idea he'd floated of starting a new political party.
'It is obvious with the insane spending of this bill, which increases the debt ceiling by a record FIVE TRILLION DOLLARS that we live in a one-party country – the PORKY PIG PARTY!!' he posted on X. 'Time for a new political party that actually cares about the people.' In another post, he said that if the bill actually passes, the 'America Party will be formed the next day' to provide 'an alternative to the Democrat-Republican uniparty so that the people actually have a VOICE.'
When former Rep. Justin Amash, who left the Republican Party in 2019 and opted not to run for reelection in 2020 amid criticisms of Trump, asked Musk to support his friend and fellow libertarian-minded conservative Massie, whom Trump has set his sights on ousting from the House, Musk responded 'I will.'
'The establishment is working to primary him because he's a genuine fiscal conservative and opposes the Big, Bloated Scam,' Amash said of Massie.
Trump took to his own Truth Social platform Monday night to lash out at Musk, suggesting that the wealthiest man in the world, who is also the CEO of electric-car company Tesla and space-technology company SpaceX, is self-interested.
'Elon Musk knew, long before he so strongly Endorsed me for President, that I was strongly against the EV Mandate,' Trump posted, referring to policies that incentivize—though don't require—the manufacture and purchase of electric vehicles. 'It is ridiculous, and was always a major part of my campaign. Electric cars are fine, but not everyone should be forced to own one. Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa. No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE,' Trump added. Musk's companies are estimated to receive about $38 billion in government contracts and subsidies. 'Perhaps we should have DOGE take a good, hard, look at this?' Trump added, referencing the Department of Government Efficiency that Musk spearheaded. 'BIG MONEY TO BE SAVED!!!'
Musk previously dismissed Trump when the President made a similar claim about the former White House adviser's priorities. 'Whatever. Keep the EV/solar incentive cuts in the bill, even though no oil & gas subsidies are touched (very unfair!!),' he posted on X in early June.
Over the weekend, however, Musk posted that 'A massive strategic error is being made right now to damage solar/battery that will leave America extremely vulnerable in the future.' The bill threatens to end billions of dollars in green-energy tax credits, which some say could decimate the country's wind and solar industries.
Musk reposted on Monday a post by Tillis, the Republican Senator who announced on Sunday that he planned to retire at the end of his term and would be free from expected deference to party leaders, which backed Musk. 'Folks, @ElonMusk is 100% right, and he understands this issue better than anyone,' Tillis posted. 'We should take his warnings seriously. We can't let Communist China become the long-term winner.'
Still, Musk insisted that his main focus is the national deficit. 'All I'm asking is that we don't bankrupt America,' he posted as Senators continued to vote on amendments early Tuesday.
The White House has maintained that the bill 'actually reduces the debt burden on future generations,' claiming that it 'will unleash robust, real economic growth and restore fiscal sanity in America.'
But a new estimate from the nonpartisan Congressional Budget Office released on Sunday showed that the Senate version of the bill would add nearly $3.3 trillion to the deficit over a decade.
Contact us at letters@time.com.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Switzerland could revise offer on Trump tariffs, business minister says
Switzerland could revise offer on Trump tariffs, business minister says

Yahoo

time22 minutes ago

  • Yahoo

Switzerland could revise offer on Trump tariffs, business minister says

By John Revill ZURICH (Reuters) -The Swiss government is open to revising its offer to the United States in response to planned heavy tariffs, Business Minister Guy Parmelin said, as experts warned the 39% import duties announced by President Donald Trump could trigger a recession in Switzerland. Switzerland was left stunned on Friday after Trump hit the country with one of the highest tariffs in his global trade reset, with industry associations warning of tens of thousands of jobs being put at risk. The country's cabinet will hold a special meeting on Monday to discuss its next steps, with Parmelin telling broadcaster RTS that the government would move quickly before the U.S. tariffs are imposed on August 7. "We need to fully understand what happened, why the U.S. president made this decision. Once we have that on the table, we can decide how to proceed," Parmelin said. "The timeline is tight, it may be hard to achieve something by the 7th, but we'll do everything we can to show goodwill and revise our offer," he added. Parmelin said Trump was focused on the U.S. trade deficit with Switzerland, which stood at 38.5 billion Swiss francs ($48 billion) last year, with Switzerland buying U.S liquefied natural gas (LNG) among the options under consideration. Another option could be further investments by Swiss companies in the United States, Switzerland's biggest export market for its pharmaceuticals, watches and machinery. "Look at the European Union, they promised to buy LNG. Switzerland imports LNG too — maybe that's one path," Parmelin said. "Maybe more investments. But to be sure it's a strong enough basis for continuing talks, we have to fully understand what the U.S. expects." Both Parmelin and Swiss President Karin Keller-Sutter were also ready to travel to Washington to pursue talks if necessary, he added. Swiss officials rejected reports that the higher than expected tariffs were imposed after a bad-tempered telephone call between Keller-Sutter and Trump late on Thursday. "The call was not a success, there was not a good outcome for Switzerland," a government source told Reuters. "But there was not a quarrel. Trump made it clear from the very beginning that he had a completely different point of view, that 10% tariffs were not enough. "We are working hard to find a solution and are in contact with the American side," the source added. "We hope we can find a solution before August 7." Tariffs would have a huge impact on Switzerland's export-orientated economy and raised the risk of a recession, said Hans Gersbach, an economist at ETH, a university in Zurich. Swiss economic output would be reduced by 0.3% to 0.6% if the 39% tariff was imposed, a figure which could rise to above 0.7% if pharmaceuticals - which are currently not covered by the U.S. import duties - were included. Prolonged disruptions could shrink Swiss GDP by more 1%, Gersbach said. "There would be a risk of a recession," Gersbach said. Swiss shares are expected to be hit by the tariffs news when the stock market reopens on Monday after being closed during the Swiss National Day holiday on Friday. The tariffs could also see the Swiss National Bank cut interest rates in September, said Nomura. "We expect one more 25bp policy rate cut from the SNB in September, which would take the rate to -0.25%," the bank said. "A hit to growth from U.S. tariffs on exports would likely weaken economic growth and cause further deflation pressures, adding to the likelihood of easing to a negative policy rate." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Trump's former jobs data chief decries firing of successor
Trump's former jobs data chief decries firing of successor

Yahoo

time22 minutes ago

  • Yahoo

Trump's former jobs data chief decries firing of successor

(Bloomberg) — President Donald Trump's firing of the chief labor statistician was criticized by her predecessor, who called it an unfounded move that will undermine confidence in a key data set on the US economy. We Should All Be Biking Along the Beach Seeking Relief From Heat and Smog, Cities Follow the Wind Chicago Curbs Hiring, Travel to Tackle $1 Billion Budget Hole NYC Mayor Adams Gives Bally's Bronx Casino Plan a Second Chance 'This is damaging,' William Beach, whom Trump picked in his first term to head the Bureau of Labor Statistics, said on CNN's State of the Union on Sunday. Trump on Friday fired Erika McEntarfer hours after labor market data showed weak jobs growth based in part on steep downward revisions for May and June. The move by Trump, who claimed the latest monthly report was 'phony,' prompted an outcry from economists and lawmakers. 'I don't know that there's any grounds at all for this firing,' said Beach, whom McEntarfer replaced in January 2024. 'And it really hurts the statistical system. It undermines credibility in BLS.' Studies indicate that the agency's data is more accurate than 20 or 30 years ago, including any revisions of the initial data, Beach said. Even so, he said he'll trust future BLS data because people working for the agency are 'some of the most loyal Americans you can imagine,' making the bureau 'the finest statistical agency in the entire world.' Bank of America CEO Brian Moynihan, speaking Sunday on CBS's Face the Nation, urged the US government to improve its data collection to avoid revisions that engender distrust. 'We watch what consumers really do. We watch what businesses really do,' Moynihan said, while not addressing the politics of the firing. 'They can get this data, I think, other ways, and I think that's where the focus would be.' He noted the revision for May and June data, while not unusual, was one of the largest in seven years. 'That creates doubt around it,' he said. 'Let's spend some money. Let's bring the information together. Let's find where else in the government money is reported.' McEntarfer was confirmed by the Senate in a bipartisan 86-8 vote. Vice President JD Vance, then a senator, voted to approve her nomination. Kevin Hassett, Trump's chief economic adviser at the White House, alleged that the large jobs data revisions were poorly explained and were evidence enough for a 'fresh set of eyes' at BLS. He sought to contradict Beach's portrayal of the agency as politically neutral. 'The bottom line is that there were people involved in creating these numbers,' Hassett said on NBC's Meet the Press. Pressed on whether Trump would fire anyone offering data he disagreed with, Hassett, who heads the National Economic Council, disagreed. 'No, absolutely not,' he said. 'The president wants his own people there so that when we see the numbers, they're more transparent and more reliable.' How Podcast-Obsessed Tech Investors Made a New Media Industry Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off Russia Builds a New Web Around Kremlin's Handpicked Super App Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts What's Really Behind Those Rosy GDP Numbers? ©2025 Bloomberg L.P. Sign in to access your portfolio

Senate heads into recess as Trump tells Schumer to 'go to hell'
Senate heads into recess as Trump tells Schumer to 'go to hell'

UPI

time24 minutes ago

  • UPI

Senate heads into recess as Trump tells Schumer to 'go to hell'

Senate Minority Leader Chuck Schumer, D-NY, speaks at a press conference calling on the administration to release the Epstein files in the U.S. Capitol building last week. File Photo by Annabelle Gordon/UPI | License Photo Aug. 3 (UPI) -- The U.S. Senate began its month‑long recess Saturday night amid negotiations to advance the nomination of dozens of Donald Trump's pending nominees, as the president told Sen. Chuck Schumer to "go to hell" when the talks collapsed. Trump, in a post to his Truth Social platform on Saturday, had wanted the Senate to stay in session but accused Schumer of "political extortion" for allegedly demanding a billion dollars in funding in order to approve dozens of his remaining "highly qualified nominees" for appointment to the administration. A source familiar with Schumer's alleged demands told Axios that Schumer wants the White House to release withheld federal funding in exchange for passing a small batch of the nominees. "Tell Schumer, who is under tremendous political pressure from within his own party, the Radical Left Lunatics, to GO TO HELL!" Trump said in his post. "Do not accept the offer, go home and explain to your constituents what bad people the Democrats are, and what a great job the Republicans are doing, and have done, for our country." Schumer later shared Trump's post and quipped, "The Art of the Deal." He later added that Trump had "attempted to steamroll" the Senate into approving his "historically unqualified nominees." But the standoff has led Senate Republicans to express support for the possibility that Trump use recess appointments, a controversial constitutional mechanism that allows the president to "temporarily" fill vacant positions when the Senate is in recess. "The Senate should immediately adjourn and let President Trump use recess appointments to enact the agenda 77M Americans voted for," Sen. Roger Marshall posted on Saturday. Senate Republicans also indicated they might pursue a change to Senate rules after they return from recess to make it easier to pass through confirmations. Sen. Markwayne Mullin told Fox News that lawmakers would be moving forward with a rule change in September.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store