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NBC News
36 minutes ago
- Business
- NBC News
Trump threatens to re-examine government support for Elon Musk's companies as he trashes GOP megabill
WASHINGTON — President Donald Trump threatened to sic the Department of Government Efficiency on Elon Musk's businesses, saying in a Truth Social post shortly after midnight that there was "big money to be saved." "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," Trump said in the post."No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE." "Perhaps we should have DOGE take a good, hard, look at this?" the president added. A spokesperson for the Musk-backed America PAC did not immediately respond to a request for comment. In the hours after Trump's post, Musk reposted several graphics on X depicting a climbing national debt, which currently sits at more than $36 trillion, according to government data. Trump's post marks the latest blow-up in the feud between the president and the tech mogul, who spearheaded government cost-cutting efforts at DOGE before leaving his special government employee post in May. The public split is a steep downfall from their previously close-knit relationship, which saw Musk spend at least an estimated $250 million to help elect Trump. In the hours before Trump's post, Musk repeatedly slammed the so-called "big, beautiful bill," ultimately suggesting a new political party be launched if the legislation passes. "If this insane spending bill passes, the America Party will be formed the next day," Musk wrote in a post to X. "Our country needs an alternative to the Democrat-Republican uniparty so that the people actually have a VOICE." In another post, Musk said that lawmakers who vote for the bill "will lose their primary next year if it is the last thing I do on this Earth." In a yet another post, Musk shared a graphic depicting Pinocchio sitting in flames, with the word 'LIAR' emblazoned across the picture alongside a message about voting to raise U.S. debt. 'Anyone who campaigned on the PROMISE of REDUCING SPENDING , but continues to vote on the BIGGEST DEBT ceiling increase in HISTORY will see their face on this poster in the primary next year,' Musk said in the post. Two of Musk's companies — SpaceX and Tesla — have U.S. government contracts or benefit from subsidies, though it is unclear exactly how much the benefits are worth. The Washington Post has reported that Musk's businesses have received at least $38 billion in various government benefits, credits and contracts. Days after leaving his White House position, Musk unloaded publicly to criticize the so-called "big, beautiful bill," blasting it as a "massive, outrageous, pork-filled Congressional spending bill" that was a "disgusting abomination." He slammed the bill's projected impact on the federal deficit, arguing that it would "burden American citizens with crushingly unsustainable debt." Musk and Trump traded scathing missives on social media in early June. Trump has previously threatened to end government contracts with Musk's companies, saying during their June fallout that "the easiest way to save money" would be to "terminate Elon's Governmental Subsidies and Contracts." Musk renewed attacks on the Trump-backed bill last week, which came at a vulnerable moment for congressional Republicans who are trying to send the bill to the president's desk by a self-imposed July 4 deadline. Republicans have slim margins in the House and Senate, and a handful of lawmakers have expressed discomfort with the bill's impact on the deficit and Medicaid. The Senate continued to vote on amendments to the bill overnight. The bill must be passed again by the House before heading to Trump for his signature. An analysis by the nonpartisan Congressional Budget Office indicated that the Senate bill, if passed in its current form, would increase the national debt by $3.3 trillion over the next 10 years. The CBO also estimated that during the same period, nearly 12 million people would lose their health insurance largely because of the bill's Medicaid cuts.
Washington Post
an hour ago
- Business
- Washington Post
Musk and Trump's battle re-erupts over the Big Beautiful Bill
Elon Musk has renewed his assault on President Donald Trump's signature budget bill, drawing new ire from the president and investors — and glee from some Democrats — with his threat to launch a new political party. 'If this insane spending bill passes, the America Party will be formed the next day,' Musk said Monday evening on X. 'Our country needs an alternative to the Democrat-Republican uniparty so that the people actually have a VOICE.'
Sky News AU
2 hours ago
- Automotive
- Sky News AU
US President Donald Trump hits back at Elon Musk, threatens with him with DOGE after proposed ‘America Party' announcement
Donald Trump has lashed out at billionaire Elon Musk after the Tesla and Space X chief executive floated creating a political party to protest the United States President's so called 'big beautiful bill'. The controversial spending bill, which is currently making its way through US Congress, has sparked fierce criticism from Musk, who previously described it as a "disgusting abomination". Musk has since taken to social media to announce his plan to form the 'America Party' if the bill, which he has labelled 'insane', does pass. 'Our country needs an alternative to the Democrat-Republican uniparty so that the people actually have a VOICE,' Musk posted on X at about 8am on Tuesday AEST. The world's richest man also reposted a chart which appeared to show historic levels of US national debt. 'They just pretend to be two parties,' Musk posted, appearing to reference the Republican and Democratic parties. 'It's just one uniparty in reality.' President Trump has now hit back on his own social media platform, Truth Social, taking aim at Musk over the electric vehicle sales mandate introduced under former president Joe Biden. 'Elon Musk knew, long before he so strongly Endorsed me for President, that I was strongly against the EV mandate. 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,' Trump posted on the platform at 2.44pm on Tuesday, AEST. The US commander-in-chief then claimed Musk possibly received more subsidies than 'any human being in history, by far' and that the Tesla boss would likely be forced to 'head back home to South Africa' without them. He also appeared to threaten Musk with the Department of Government Efficiency (DOGE) - a federal cost-cutting body created and headed by Musk before the billionaire departed from the role in May. 'No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE. Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!' President Trump's post said. The new comments come amid a continued public fallout between the President and Musk that broke out last month over the tax and spending bill, which is expected to add US$3.3 trillion to the country's national debt. The pair since have since traded jabs over social media, including Musk claiming President Trump was 'in the Epstein files' and the US leader threatening to end Musk's "Governmental Subsidies and Contracts".
Indian Express
2 hours ago
- Business
- Indian Express
Why Elon Musk is calling for the formation of a new political party in the US
The country's biggest Republican donor called Monday for the formation of a new political party and suggested he would back primary challengers against nearly every single Republican in Congress. That was the saber-rattling declaration of Elon Musk, should Republicans on Capitol Hill pass President Donald Trump's sweeping domestic policy bill. Although Musk's words are often just that, he has dramatically escalated his anti-Republican rhetoric over the past few days. On Monday, he suggested that if the GOP bill passed, he would swiftly form a new 'America Party.' 'If this insane spending bill passes, the America Party will be formed the next day,' he wrote in one of several Monday posts to his 220 million followers on the social platform X. 'Our country needs an alternative to the Democrat-Republican uniparty so that the people actually have a VOICE.' By evening, Musk was committing to specific action, saying that he would support Rep. Thomas Massie, R-Ky., among the most prominent holdouts against Trump's bill. Although various GOP factions have voiced concerns about the legislative package, potentially imperiling its passage, almost every Republican member in Congress supports some version of it. At one point in the evening, Musk wrote that nearly the entire House and Senate GOP 'will lose their primary next year if it is the last thing I do on this Earth' — a tall task for even the world's richest person, who donated nearly $300 million to Republican candidates in the 2024 election. Musk went out of his way to call out two House Republicans who style themselves budget-cutters as leaders of the House Freedom Caucus: Reps. Andy Harris of Maryland and Chip Roy of Texas. He also squabbled with Sen. Markwayne Mullin, R-Okla. As Musk campaigned against the bill, Trump appeared to threaten the subsidies Musk's companies, including SpaceX, receive from the federal government. '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,' Trump wrote on social media early Tuesday. 'No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE.' 'Perhaps we should have DOGE take a good, hard, look at this?' he added, referring to the Department of Government Efficiency, a group Musk formed. Musk has had a tenuous, brief relationship with the Republican Party. A longtime Democrat, he began identifying with the GOP only in 2022, and only began making heavy, public contributions to the party before November's election. His extraordinary blowup with Trump in early June hastened his stated interest in the formation of a new party. He made a poll on X amid the feud asking: 'Is it time to create a new political party in America that actually represents the 80% in the middle?' Forming a viable third party would be a herculean task, and there were no immediate signs Monday that Musk or his advisers were preparing to do anything concrete. Only five weeks ago, the tech billionaire was singing a very different tune, saying he would spend 'a lot less' on elections in the 2026 cycle.
Leaders
2 hours ago
- Politics
- Leaders
‘Big Beautiful Bill' Renews Trump-Musk Clash
The feud between the US President, Donald Trump, and the tech billionaire, Elon Musk, has resurfaced again over Trump's spending bill, known as the 'Big, Beautiful Bill.' Musk lashed out against the new bill, threatening to unseat Republican lawmakers who support the tax cuts and spending bill and to form a new political party if the bill passes in the Senate. Musk's Warning In a series of posts on X, Musk on Monday warned lawmakers who support Trump's 'Big, Beautiful Bill' as the Senate was debating the bill before a final vote. He criticized Republican lawmakers who voted for the bill, suggesting that he would support primary challenges against Republicans who backed 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! And they will lose their primary next year if it is the last thing I do on this Earth,' he said. Musk has criticized the bill due to its 'insane' spending levels, attacking a provision in the Senate version of the bill that would raise the debt ceiling by $5 trillion. He also slammed the bill's cuts to green energy subsidies, calling it 'utter madness' that could 'destroy millions of jobs in America,' according to CBS News. New Party Musk ramped up his threats by announcing that he would form a new party if the bill passes – an idea he floated earlier this month. 'If this insane spending bill passes, the America Party will be formed the next day. Our country needs an alternative to the Democrat-Republican uniparty so that the people actually have a VOICE,' he wrote. He doubled down on the idea in a separate post: '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!! Time for a new political party that actually cares about the people.' The tech billionaire backed Trump and other Republicans in their election campaigns last year with an estimated $250 million. However, he suggested last month that he would scale back his political spending, saying 'I think I've done enough.' In early June, Musk also lashed out against Trump over the legislation, calling it a 'disgusting abomination,' engaging in a feud with the US President for days, before backing down in mid-June and acknowledging that his attacks 'went too far.' He once again intensified his criticism in recent days as the bill approaches a final approval. The Big, Beautiful Bill The US Senate held a marathon vote session, known as 'vote-a-rama,' on amendments to the 'One Big, Beautiful Bill Act' – a sweeping tax cuts and spending package. Senators hope to get approval of the bill and send it to the President's desk to sign it by the Fourth of July, according to CNN. However, their version of the bill must comply with certain Senate-specific budget reconciliation rules and get enough support before passing back to the House. According to a congressional budget office estimate, the Senate bill will add around $3.3 trillion to the deficit over the next decade. On the other hand, the House-approved bill will add $2.4 trillion to the deficit over the same period. The Senate bill includes further tax cuts, less spending cuts, and provisions that will raise revenue. The House narrowly passed its own version of the bill in May. However, the two chambers have to approve one text before sending it to Trump. Trump's Response The US President accused Tesla and SpaceX CEO of opposing the bill because he would lose electric vehicle (EV) and solar energy subsidies granted under the federal electric vehicle tax credits – a program that the new bill would end. In a post on Truth Social, Trump defended his position, saying: 'Elon Musk knew, long before he so strongly Endorsed me for President, that I was strongly against the EV Mandate. 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.' Trump also threatened Musk, suggesting that he would order the Department of Government Efficiency (DOGE), which Musk once spearheaded, to look at other subsidies that the billionaire benefits from. '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. Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!' Trump noted. Short link : Post Views: 8
