Elon Musk's plot to undermine Trump ignites fury
On July 4th, Musk asked his 221.7 million followers on X if it was time to make good on his threats to create a new political party and oust the Republicans who supported Trump's signature budget bill. The bill narrowly passed through Congress after weeks of debate and different GOP factions plotting to tank the legislation at various points in the process.
Republicans currently hold slim majorities in both the House and Senate, with just a handful of seats giving them the edge over Democrats. Out of 100 seats in the U.S. Senate, 53 are held by Republicans. In the House, 220 seats are held by Republicans, 212 by Democrats, and three are presently vacant due to member deaths. Trump's budget bill passed with narrow margins in both chambers last week, with some members of the President's party voting against it.
Musk and Trump got into a social media war during debate on the legislation, leading to Musk threatening to use his billions to start a third party and Trump threatening to deport the naturalized American citizen. Last Monday, before the bill even passed, Musk escalated his attacks, saying lawmakers who campaigned on cutting spending but supported the bill 'should hang their heads in shame.' He added, 'And they will lose their primary next year if it's the last thing I do on this Earth.'
Musk, now worth over $400 billion, founded the AmericaPAC super PAC in 2024. AmericaPAC raised more than $260 million last year, much of it to back Republicans in swing districts. Over $88 million went to supporting Trump directly. Despite the unpopularity of national third-party or independent presidential campaigns, state-level races tell a different story. Two current U.S. Senators are Independents who caucus with Democrats, and dozens of independents have served in the Senate throughout history.
Musk was notably quiet immediately after the budget bill passed but weighed in on July 4th with a cryptic post: 'Great day for some … fireworks,' with two fire emojis. He praised Senators Rand Paul and Rep. Thomas Massie, both of Kentucky, for voting against the bill, posting a '100' emoji in support. He previously threatened to primary any GOP lawmaker who voted in favor. Some, like Rep. Ralph Norman (R-S.C.), brushed off the threat, calling Musk a 'true patriot' and praising his past government service under Trump.
Still, Musk has called out Freedom Caucus members who supported the bill. 'How can you call yourself the Freedom Caucus if you vote for a Debt Slavery bill with the biggest debt ceiling increase in history?' he wrote, tagging two GOP lawmakers. Meanwhile, other Republicans downplayed Musk's political ambitions, while some Trump allies struck back. Investor James Fishback, whose ETF avoids DEI-focused firms, pulled his Tesla-themed fund in response to Musk's party launch. It remains to be seen whether Musk's opposition to Trump-aligned Republicans is a one-off—or a sign he's serious about reshaping the GOP from the outside.
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The Independent
41 minutes ago
- The Independent
Putin may be mocking Trump over Ukraine – but the US president won't do anything about it
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Daily Mail
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- Daily Mail
Trump's DOJ issues final verdict on Jeffrey Epstein in attempt to silence swirling conspiracy theories
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The contact list, which has previously circulated in various forms, shows redacted information for dozens of the Hollywood, political and fashion elite and was purportedly compiled by Epstein and his longtime confidante Maxwell. Personal contact information was redacted throughout the list. FBI Director Kash Patel had been a skeptic of the official findings behind Epstein's death, however, he told Joe Rogan that since he'd taken over the bureau, he hadn't found 'what you want,' which he described as 'some guy or gal committing felonies.' 'If I had it, I'd be the first guy to bring this case hard and fast,' Patel claimed. He added that his team at the FBI has viewed everything they have been given lawful access to from the infamous island. Epstein's 'pedo island' aka Little Saint James in the US Virgin Islands was a focal point of his horrific child-sex-trafficking operation. It has long been believed that Epstein hosted a wide array of rich and famous clients at the island. 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President Trump signed an executive order in January calling on agencies to create plans to release and distribute top-secret documents including on Epstein as well as the assassinations of President John F. Kennedy, his brother Robert F. Kennedy and civil rights maverick Martin Luther King Jr. Lawyers for Epstein have disputed the ruling as public skepticism over his death grew in recent years, resulting in numerous conspiracy theories. The possibility of pursuing criminal charges died along with Epstein, so a judge dismissed the case on August 29, 2019 – less than three weeks after he was found hanging in his jail cell. British socialite Maxwell had a decades-long association with Epstein and was convicted in 2021 on federal charges for sex trafficking after she recruited young girls for the pedophilic ring, as well as child sex abuse and prostitution Her procurement for Epstein included bringing into the folds of the conspiracy a 14-year-old girl. 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Auto Blog
2 hours ago
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The Rise of 84-Month Car Loans: Why Buyers Are Trapped
By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. New cars are expensive, and it hurts Regardless of whether you've nervously scrolled through endless listings on dealer websites or wasted hours of your life configuring your dream cars online, it hurts to know that new cars are expensive. According to analysts from Kelley Blue Book and Cox Automotive, dealers are doing the most they can to keep car prices steady; however, the average new car in the U.S. still costs a whopping $48,799 in May 2025, a 2.1% increase from the same month in 2024. 0:05 / 0:09 Costco members can save $3,000 on a new Chevy Corvette Watch More Although data shows that tariffs have influenced some buyers in the U.S. to defer or delay their buying decisions, other buyers must finance their cars, which keeps a disturbing trend alive among new car buyers. BMW vehicles are displayed for sale on a lot at the BMW of South Austin dealership — Source:More drivers are taking out longer loans with higher interest, says Edmunds According to new data released by car buying authority Edmunds, Americans' auto loans are reaching a point where Dave Ramsay and Caleb Hammer would declare a personal finance armageddon. While automakers and dealer groups would advertise their single-digit promotional financing rates as terms that extend over 60 months (5 years) or 72 months (6 years), buyers are stretching their payment plans for much longer. Edmunds reports that in Q2 2025, more buyers than ever are taking out loans over the course of 84 months (7 years), making up about 22.4% of new-vehicle financing in the quarter, up from 20.4% in Q1 2025 and 17.6% during the same period last year. Though buyers are willing to stretch and spread out their loan terms for a lower monthly payment, they aren't being spared from paying out the wazoo every month. According to Edmunds, over 19.3% of new car buyers had monthly payments that exceeded $1,000 in Q2 2025, a notable increase from the 17.7% in the previous quarter. As more buyers opt for extended loan terms, Edmunds' consumer insights analyst Joseph Yoon warns that this could have later consequences, especially as the risks and tribulations of car ownership, such as upkeep costs and depreciation, kick in. 'While extended loan terms may make a monthly payment more palatable, consumers need to keep in mind the risks associated with a loan extended that far into the future, including increased costs for upkeep down the line and the risk of being underwater on the loan if the car is traded in before it's paid off,' Yoon said. 'If payments on a more standard 60- or 72-month loan don't fit your budget, you might consider leasing. While you won't be building equity in your vehicle the way you do with a purchase, leases afford time to get your finances in better shape with lower monthly payments in the meantime.' Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. APRs remain high, but buyers are putting less money down Although ads on TV during select promotional periods, like certain federal holidays, show that your local [insert automotive brand here] dealer is offering 0% APR loans, or a number close to it (such as 0.9%) on a specific model, these kinds of rates are far out of reach for the average new car buyer. Edmunds says that the average buyer financed their cars at an annual percentage rate (APR) of 7.2%. However, this doesn't mean that 0% finance deals don't exist; in fact, they accounted for 0.9% of new-vehicle loans in Q2 2025. This was the lowest share Edmunds recorded since 2004, down from 1% in Q1 2025 and 2.9% in Q2 2024. BMW vehicles are displayed for sale on a lot at the BMW of South Austin dealership — Source: Getty Images However, while it is commonly known that a sizable down payment is required to achieve manageable monthly payments, in addition to accepting longer loan terms, Edmunds found that buyers are putting less money down on their new car loans than ever before. According to their data, the average down payment that buyers put down on their new-car loans was $6,433 in Q2 2025, which is down from $6,511 during the previous quarter and $6,579 during the same time last year. At the same time, Edmunds found that new car buyers are financing increasingly expensive vehicles. They found that the average amount financed for new cars climbed to an all-time high of $42,388 in Q2 2025, up from $41,473 during the last quarter and $40,873 during the same time last year. Final thoughts In a statement, Ivan Drury, Edmunds' director of insights, noted that while it would be easy to assume and point fingers at the Trump administration's tariffs, car prices remain steady at a level that car buyers still can't afford. 'It's clear that buyers are pulling the few levers they can control to manage affordability, whether that's by taking on longer loans, financing more, or putting less money down — even if some of those decisions increase their total costs,' Drury said. 'Consumers are continuously stretching to afford new vehicles in this market, and while tariffs haven't directly driven these Q2 numbers, they're certainly not going to make things any easier for shoppers moving forward.' 2025 Ram Power Wagon — Source: Ram We are seeing automakers react to the reality of extended loan payments, too. In fact, the Stellantis-backed Ram Trucks began to offer a best-in-class 10-year/100,000-mile powertrain warranty, which gives Ford and Chevy something to think about. However, in its press release, Ram acknowledges that the warranty comes as 'more buyers opt for extended loan terms.' 'Everything is more expensive, and trucks are certainly no exception. Truck buyers are financing purchases for longer periods of time, with nearly 80% of new truck loans exceeding five years,' Ram Trucks CEO Tim Kuniskis said in a statement. It is one thing for automakers to recognize this reality, but it is another to enable it. This data comes at the same time when auto loan delinquency is at its highest, as 1.4% of auto borrowers were at least 60 days behind on their auto loan payments during the first quarter of 2025, per TransUnion. About the Author James Ochoa View Profile
