Latest news with #US36.2
The Advertiser
2 days ago
- Business
- The Advertiser
US Senate struggling to pass Trump's $5 trillion bill
US Senate Republicans are still trying to pass President Donald Trump's sweeping tax-cut and spending bill, despite divisions within the party about its expected $5 trillion hit to the nation's debt pile. Senators were voting in a marathon session on Monday night known as a "vote-a-rama," featuring a series of amendments by Republicans and the minority Democrats, part of the arcane process Republicans are using to bypass Senate rules that normally require 60 of the chamber's 100 members to agree on legislation. But after roughly 12 hours, it was still unclear how long the voting would last. Lawmakers said the process was being held up partly by the need to determine whether amendments complied with special budgetary rules. Republicans can afford to lose no more than three votes in either chamber to pass a bill the Democrats are united in opposition to. The nonpartisan Congressional Budget Office released its assessment on Sunday of the bill's hit to the $US36.2 trillion ($A55.1 trillion) US debt pile. The Senate version is estimated to cost $US3.3 trillion ($ $US800 billion ($A1.2 trillion) more than the version passed last month in the House of Representatives. Many Republicans dispute that claim, Democrats, meanwhile, hope the latest, eye-widening figure could stoke enough anxiety among fiscally minded conservatives to get them to buck their party, which controls both chambers of Congress. "This bill, as we have said for months, steals people's healthcare, jacks up their electricity bill to pay for tax breaks for billionaires," Democratic Senate Minority Leader Chuck Schumer said in a speech to the Senate. Thune countered that the tax cuts will help families and small businesses, as he defended spending reductions to social safety net programs. He said Medicaid was growing at an unsustainable rate and there were some improvements and reforms to make it more efficient. The Senate narrowly advanced the tax-cut, immigration, border and military spending bill in a procedural vote late on Saturday, voting 51-49 to open debate on the 940-page megabill. Trump wants the bill passed before the July 4 Independence Day holiday. Many of the amendments are from Democrats proposing limiting cuts to Medicaid and abortion services but those and other Democratic amendments so far were rejected by the Republican majority. Elon Musk, formerly appointed by Trump to spearhead his government cost-cutting plan before the pair had a public falling-out in June over the budget bill, made a flurry of angry posts on X on Monday, threatening to target Republicans ahead of the 2026 mid-term election. "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!," Musk posted on X. He also reiterated his interest in a new political party and accused lawmakers in both parties of belonging to the "porky pig party," a dig at government spending levels. The Republican measure contains a $US5 trillion ($A7.6) trillion debt ceiling increase - $US1 trillion ($A1.5 trillion) more than the House's bill - but failure to pass some version would present lawmakers with a serious deadline later this summer, when the Treasury Department could come close to exhausting its borrowing authority and thus risk a devastating default. The debt limit increase has caused Senator Rand Paul of Kentucky to come out in opposition to the bill, joining fellow Republican Tillis, who decried its cuts to Medicaid and clean energy initiatives. According to the Congressional Budget Office, the Senate bill would result in about 11.8 million additional uninsured people, surpassing estimates for the House's version. If the Senate succeeds in passing the bill, it will then go to the House, where members are also divided, with some angry about its cost and others worried about cuts to the Medicaid program. US Senate Republicans are still trying to pass President Donald Trump's sweeping tax-cut and spending bill, despite divisions within the party about its expected $5 trillion hit to the nation's debt pile. Senators were voting in a marathon session on Monday night known as a "vote-a-rama," featuring a series of amendments by Republicans and the minority Democrats, part of the arcane process Republicans are using to bypass Senate rules that normally require 60 of the chamber's 100 members to agree on legislation. But after roughly 12 hours, it was still unclear how long the voting would last. Lawmakers said the process was being held up partly by the need to determine whether amendments complied with special budgetary rules. Republicans can afford to lose no more than three votes in either chamber to pass a bill the Democrats are united in opposition to. The nonpartisan Congressional Budget Office released its assessment on Sunday of the bill's hit to the $US36.2 trillion ($A55.1 trillion) US debt pile. The Senate version is estimated to cost $US3.3 trillion ($ $US800 billion ($A1.2 trillion) more than the version passed last month in the House of Representatives. Many Republicans dispute that claim, Democrats, meanwhile, hope the latest, eye-widening figure could stoke enough anxiety among fiscally minded conservatives to get them to buck their party, which controls both chambers of Congress. "This bill, as we have said for months, steals people's healthcare, jacks up their electricity bill to pay for tax breaks for billionaires," Democratic Senate Minority Leader Chuck Schumer said in a speech to the Senate. Thune countered that the tax cuts will help families and small businesses, as he defended spending reductions to social safety net programs. He said Medicaid was growing at an unsustainable rate and there were some improvements and reforms to make it more efficient. The Senate narrowly advanced the tax-cut, immigration, border and military spending bill in a procedural vote late on Saturday, voting 51-49 to open debate on the 940-page megabill. Trump wants the bill passed before the July 4 Independence Day holiday. Many of the amendments are from Democrats proposing limiting cuts to Medicaid and abortion services but those and other Democratic amendments so far were rejected by the Republican majority. Elon Musk, formerly appointed by Trump to spearhead his government cost-cutting plan before the pair had a public falling-out in June over the budget bill, made a flurry of angry posts on X on Monday, threatening to target Republicans ahead of the 2026 mid-term election. "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!," Musk posted on X. He also reiterated his interest in a new political party and accused lawmakers in both parties of belonging to the "porky pig party," a dig at government spending levels. The Republican measure contains a $US5 trillion ($A7.6) trillion debt ceiling increase - $US1 trillion ($A1.5 trillion) more than the House's bill - but failure to pass some version would present lawmakers with a serious deadline later this summer, when the Treasury Department could come close to exhausting its borrowing authority and thus risk a devastating default. The debt limit increase has caused Senator Rand Paul of Kentucky to come out in opposition to the bill, joining fellow Republican Tillis, who decried its cuts to Medicaid and clean energy initiatives. According to the Congressional Budget Office, the Senate bill would result in about 11.8 million additional uninsured people, surpassing estimates for the House's version. If the Senate succeeds in passing the bill, it will then go to the House, where members are also divided, with some angry about its cost and others worried about cuts to the Medicaid program. US Senate Republicans are still trying to pass President Donald Trump's sweeping tax-cut and spending bill, despite divisions within the party about its expected $5 trillion hit to the nation's debt pile. Senators were voting in a marathon session on Monday night known as a "vote-a-rama," featuring a series of amendments by Republicans and the minority Democrats, part of the arcane process Republicans are using to bypass Senate rules that normally require 60 of the chamber's 100 members to agree on legislation. But after roughly 12 hours, it was still unclear how long the voting would last. Lawmakers said the process was being held up partly by the need to determine whether amendments complied with special budgetary rules. Republicans can afford to lose no more than three votes in either chamber to pass a bill the Democrats are united in opposition to. The nonpartisan Congressional Budget Office released its assessment on Sunday of the bill's hit to the $US36.2 trillion ($A55.1 trillion) US debt pile. The Senate version is estimated to cost $US3.3 trillion ($ $US800 billion ($A1.2 trillion) more than the version passed last month in the House of Representatives. Many Republicans dispute that claim, Democrats, meanwhile, hope the latest, eye-widening figure could stoke enough anxiety among fiscally minded conservatives to get them to buck their party, which controls both chambers of Congress. "This bill, as we have said for months, steals people's healthcare, jacks up their electricity bill to pay for tax breaks for billionaires," Democratic Senate Minority Leader Chuck Schumer said in a speech to the Senate. Thune countered that the tax cuts will help families and small businesses, as he defended spending reductions to social safety net programs. He said Medicaid was growing at an unsustainable rate and there were some improvements and reforms to make it more efficient. The Senate narrowly advanced the tax-cut, immigration, border and military spending bill in a procedural vote late on Saturday, voting 51-49 to open debate on the 940-page megabill. Trump wants the bill passed before the July 4 Independence Day holiday. Many of the amendments are from Democrats proposing limiting cuts to Medicaid and abortion services but those and other Democratic amendments so far were rejected by the Republican majority. Elon Musk, formerly appointed by Trump to spearhead his government cost-cutting plan before the pair had a public falling-out in June over the budget bill, made a flurry of angry posts on X on Monday, threatening to target Republicans ahead of the 2026 mid-term election. "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!," Musk posted on X. He also reiterated his interest in a new political party and accused lawmakers in both parties of belonging to the "porky pig party," a dig at government spending levels. The Republican measure contains a $US5 trillion ($A7.6) trillion debt ceiling increase - $US1 trillion ($A1.5 trillion) more than the House's bill - but failure to pass some version would present lawmakers with a serious deadline later this summer, when the Treasury Department could come close to exhausting its borrowing authority and thus risk a devastating default. The debt limit increase has caused Senator Rand Paul of Kentucky to come out in opposition to the bill, joining fellow Republican Tillis, who decried its cuts to Medicaid and clean energy initiatives. According to the Congressional Budget Office, the Senate bill would result in about 11.8 million additional uninsured people, surpassing estimates for the House's version. If the Senate succeeds in passing the bill, it will then go to the House, where members are also divided, with some angry about its cost and others worried about cuts to the Medicaid program. US Senate Republicans are still trying to pass President Donald Trump's sweeping tax-cut and spending bill, despite divisions within the party about its expected $5 trillion hit to the nation's debt pile. Senators were voting in a marathon session on Monday night known as a "vote-a-rama," featuring a series of amendments by Republicans and the minority Democrats, part of the arcane process Republicans are using to bypass Senate rules that normally require 60 of the chamber's 100 members to agree on legislation. But after roughly 12 hours, it was still unclear how long the voting would last. Lawmakers said the process was being held up partly by the need to determine whether amendments complied with special budgetary rules. Republicans can afford to lose no more than three votes in either chamber to pass a bill the Democrats are united in opposition to. The nonpartisan Congressional Budget Office released its assessment on Sunday of the bill's hit to the $US36.2 trillion ($A55.1 trillion) US debt pile. The Senate version is estimated to cost $US3.3 trillion ($ $US800 billion ($A1.2 trillion) more than the version passed last month in the House of Representatives. Many Republicans dispute that claim, Democrats, meanwhile, hope the latest, eye-widening figure could stoke enough anxiety among fiscally minded conservatives to get them to buck their party, which controls both chambers of Congress. "This bill, as we have said for months, steals people's healthcare, jacks up their electricity bill to pay for tax breaks for billionaires," Democratic Senate Minority Leader Chuck Schumer said in a speech to the Senate. Thune countered that the tax cuts will help families and small businesses, as he defended spending reductions to social safety net programs. He said Medicaid was growing at an unsustainable rate and there were some improvements and reforms to make it more efficient. The Senate narrowly advanced the tax-cut, immigration, border and military spending bill in a procedural vote late on Saturday, voting 51-49 to open debate on the 940-page megabill. Trump wants the bill passed before the July 4 Independence Day holiday. Many of the amendments are from Democrats proposing limiting cuts to Medicaid and abortion services but those and other Democratic amendments so far were rejected by the Republican majority. Elon Musk, formerly appointed by Trump to spearhead his government cost-cutting plan before the pair had a public falling-out in June over the budget bill, made a flurry of angry posts on X on Monday, threatening to target Republicans ahead of the 2026 mid-term election. "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!," Musk posted on X. He also reiterated his interest in a new political party and accused lawmakers in both parties of belonging to the "porky pig party," a dig at government spending levels. The Republican measure contains a $US5 trillion ($A7.6) trillion debt ceiling increase - $US1 trillion ($A1.5 trillion) more than the House's bill - but failure to pass some version would present lawmakers with a serious deadline later this summer, when the Treasury Department could come close to exhausting its borrowing authority and thus risk a devastating default. The debt limit increase has caused Senator Rand Paul of Kentucky to come out in opposition to the bill, joining fellow Republican Tillis, who decried its cuts to Medicaid and clean energy initiatives. According to the Congressional Budget Office, the Senate bill would result in about 11.8 million additional uninsured people, surpassing estimates for the House's version. If the Senate succeeds in passing the bill, it will then go to the House, where members are also divided, with some angry about its cost and others worried about cuts to the Medicaid program.
West Australian
2 days ago
- Business
- West Australian
US Senate struggling to pass US President Donald Trump's ‘one big, beautiful bill'
US Senate Republicans are still trying to pass President Donald Trump's sweeping tax-cut and spending bill, despite divisions within the party about its expected $5 trillion hit to the nation's debt pile. Senators were voting in a marathon session on Monday night (local time) known as a 'vote-a-rama,' featuring a series of amendments by Republicans and the minority Democrats, part of the arcane process Republicans are using to bypass Senate rules that normally require 60 of the chamber's 100 members to agree on legislation. But after roughly 12 hours, it was still unclear how long the voting would last. Lawmakers said the process was being held up partly by the need to determine whether amendments complied with special budgetary rules. Republicans can afford to lose no more than three votes in either chamber to pass a bill the Democrats are united in opposition to. The nonpartisan Congressional Budget Office released its assessment on Sunday of the bill's hit to the $US36.2 trillion ($AU55.1 trillion) US debt pile. The Senate version is estimated to cost $US3.3 trillion, $US800 billion more than the version passed last month in the House of Representatives. Many Republicans dispute that claim, Democrats, meanwhile, hope the latest, eye-widening figure could stoke enough anxiety among fiscally minded conservatives to get them to buck their party, which controls both chambers of Congress. 'This bill, as we have said for months, steals people's healthcare, jacks up their electricity bill to pay for tax breaks for billionaires,' Democratic Senate Minority Leader Chuck Schumer said in a speech to the Senate. Majority Leader of the US Senate, John Thune, countered that the tax cuts will help families and small businesses, as he defended spending reductions to social safety net programs. He said Medicaid was growing at an unsustainable rate and there were some improvements and reforms to make it more efficient. The Senate narrowly advanced the tax-cut, immigration, border and military spending bill in a procedural vote late on Saturday, voting 51-49 to open debate on the 940-page megabill. Mr Trump wants the bill passed before the July 4 Independence Day holiday. Many of the amendments are from Democrats proposing limiting cuts to Medicaid and abortion services but those and other Democratic amendments so far were rejected by the Republican majority. Elon Musk, formerly appointed by Mr Trump to spearhead his government cost-cutting plan before the pair had a public falling-out in June over the budget bill, made a flurry of angry posts on X on Monday, threatening to target Republicans ahead of the 2026 mid-term election. '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!,' Musk posted on X. He also reiterated his interest in a new political party and accused lawmakers in both parties of belonging to the 'porky pig party,' a dig at government spending levels. The Republican measure contains a $US5 trillion debt ceiling increase - $US1 trillion more than the House's bill - but failure to pass some version would present lawmakers with a serious deadline later this summer, when the Treasury Department could come close to exhausting its borrowing authority and thus risk a devastating default. The debt limit increase has caused Senator Rand Paul of Kentucky to come out in opposition to the bill, joining fellow Republican Thom Tillis, who decried its cuts to Medicaid and clean energy initiatives. According to the Congressional Budget Office, the Senate bill would result in about 11.8 million additional uninsured people, surpassing estimates for the House's version. If the Senate succeeds in passing the bill, it will then go to the House, where members are also divided, with some angry about its cost and others worried about cuts to the Medicaid program.
Perth Now
2 days ago
- Business
- Perth Now
US Senate struggling to pass Trump's $5 trillion bill
US Senate Republicans are still trying to pass President Donald Trump's sweeping tax-cut and spending bill, despite divisions within the party about its expected $5 trillion hit to the nation's debt pile. Senators were voting in a marathon session on Monday night known as a "vote-a-rama," featuring a series of amendments by Republicans and the minority Democrats, part of the arcane process Republicans are using to bypass Senate rules that normally require 60 of the chamber's 100 members to agree on legislation. But after roughly 12 hours, it was still unclear how long the voting would last. Lawmakers said the process was being held up partly by the need to determine whether amendments complied with special budgetary rules. Republicans can afford to lose no more than three votes in either chamber to pass a bill the Democrats are united in opposition to. The nonpartisan Congressional Budget Office released its assessment on Sunday of the bill's hit to the $US36.2 trillion ($A55.1 trillion) US debt pile. The Senate version is estimated to cost $US3.3 trillion ($ $US800 billion ($A1.2 trillion) more than the version passed last month in the House of Representatives. Many Republicans dispute that claim, Democrats, meanwhile, hope the latest, eye-widening figure could stoke enough anxiety among fiscally minded conservatives to get them to buck their party, which controls both chambers of Congress. "This bill, as we have said for months, steals people's healthcare, jacks up their electricity bill to pay for tax breaks for billionaires," Democratic Senate Minority Leader Chuck Schumer said in a speech to the Senate. Thune countered that the tax cuts will help families and small businesses, as he defended spending reductions to social safety net programs. He said Medicaid was growing at an unsustainable rate and there were some improvements and reforms to make it more efficient. The Senate narrowly advanced the tax-cut, immigration, border and military spending bill in a procedural vote late on Saturday, voting 51-49 to open debate on the 940-page megabill. Trump wants the bill passed before the July 4 Independence Day holiday. Many of the amendments are from Democrats proposing limiting cuts to Medicaid and abortion services but those and other Democratic amendments so far were rejected by the Republican majority. Elon Musk, formerly appointed by Trump to spearhead his government cost-cutting plan before the pair had a public falling-out in June over the budget bill, made a flurry of angry posts on X on Monday, threatening to target Republicans ahead of the 2026 mid-term election. "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!," Musk posted on X. He also reiterated his interest in a new political party and accused lawmakers in both parties of belonging to the "porky pig party," a dig at government spending levels. The Republican measure contains a $US5 trillion ($A7.6) trillion debt ceiling increase - $US1 trillion ($A1.5 trillion) more than the House's bill - but failure to pass some version would present lawmakers with a serious deadline later this summer, when the Treasury Department could come close to exhausting its borrowing authority and thus risk a devastating default. The debt limit increase has caused Senator Rand Paul of Kentucky to come out in opposition to the bill, joining fellow Republican Tillis, who decried its cuts to Medicaid and clean energy initiatives. According to the Congressional Budget Office, the Senate bill would result in about 11.8 million additional uninsured people, surpassing estimates for the House's version. If the Senate succeeds in passing the bill, it will then go to the House, where members are also divided, with some angry about its cost and others worried about cuts to the Medicaid program.
7NEWS
07-06-2025
- Business
- 7NEWS
Donald Trump has 'no plans' to speak to Elon Musk as feud deepens over tax bill and billions in contracts
Donald Trump says he has no plans to speak with Elon Musk, signalling the US president and his former ally might not resolve their feud over a sweeping tax-cut bill any time soon. Addressing reporters on Friday aboard Air Force One, Trump said he wasn't 'thinking about' the Tesla CEO. 'I hope he does well with Tesla,' Trump said. However, Trump said a review of Musk's extensive contracts with the federal government was in order. 'We'll take a look at everything,' the president said. 'It's a lot of money.' Trump may get rid of the red Tesla Model S that he bought in March after showcasing Musk's electric cars on the White House lawn, a White House official said, speaking on condition of anonymity. Musk, for his part, did not directly address Trump but kept up his criticism of the massive Republican tax and spending bill that contains much of Trump's domestic agenda. On his social-media platform X, Musk amplified remarks made by others that Trump's 'big beautiful bill' would hurt Republicans politically and add to the nation's $US36.2 trillion ($A55.8 trillion) debt. He replied 'exactly' to a post by another X user that said Musk had criticised Congress and Trump had responded by criticising Musk personally. Musk also declared it was time for a new political party in the United States 'to represent the 80 per cent in the middle!' People who have spoken to Musk said his anger has begun to recede and they think he will want to repair his relationship with Trump, according to one person who has spoken to Musk's entourage. The White House statements came one day after the two men battled openly in an extraordinary display of hostilities that marked a stark end to a close alliance. On Thursday, Musk claimed that President Trump is listed in the Epstein files, alleging this is why they have not been released to the public. '@RealDonaldTrump is in the Epstein files. That is the real reason they have not been made public,' Musk wrote on X. 'Have a nice day, DJT!' The White House later responded, calling the claims 'an unfortunate episode from Elon'. Tesla stock rose on Friday, clawing back some losses from Thursday's session, when it dropped 14 per cent and lost $US150 billion ($A231 billion) in value, the largest single-day decline in the company's history. Musk, the world's richest person, bankrolled a large part of Trump's 2024 presidential campaign. Trump named Musk to head a controversial effort to downsize the federal workforce and slash spending. Trump feted Musk at the White House a week ago as he wrapped up his role as head of the Department of Government Efficiency. Musk cut only about half of one per cent of total spending, far short of his brash plans to axe $US2 trillion ($A3.1 trillion) from the federal budget. Since then, Musk has denounced Trump's tax-cut and spending bill as a 'disgusting abomination'. His opposition is complicating efforts to pass the bill in Congress where Republicans hold a slim majority. Trump had initially stayed quiet while Musk campaigned to torpedo the bill, but broke his silence on Thursday, telling reporters he was 'very disappointed' in Musk. Musk, who spent nearly $US300 million ($A462 million) in the 2024 elections, said Trump would have lost without his support and suggested he should be impeached. Trump suggested he would terminate government contracts with Musk's businesses, which include rocket company SpaceX and its satellite unit Starlink. The billionaire then threatened to decommission SpaceX's Dragon spacecraft, the only US spacecraft capable of sending astronauts to the International Space Station. Musk later backed off that threat. A prolonged feud could make it harder for Republicans to keep control of Congress in the 2026 midterm elections if Musk withholds financial support or other major Silicon Valley business leaders distance themselves from Trump. Musk had already said he planned to curtail his political spending, and on Tuesday called for 'all politicians who betrayed the American people' to be fired in 2026. His involvement with the Trump administration has provoked widespread protests at Tesla sites, driving down sales while investors fretted that Musk's attention was too divided.
The Advertiser
07-06-2025
- Automotive
- The Advertiser
Trump has 'no plans' to speak to Musk as feud persists
Donald Trump says he has no plans to speak with Elon Musk, signalling the US president and his former ally might not resolve their feud over a sweeping tax-cut bill any time soon. Addressing reporters on Friday aboard Air Force One, Trump said he wasn't "thinking about" the Tesla CEO. "I hope he does well with Tesla," Trump said. However, Trump said a review of Musk's extensive contracts with the federal government was in order. "We'll take look at everything," the president said. "It's a lot of money." Trump may get rid of the red Tesla Model S that he bought in March after showcasing Musk's electric cars on the White House lawn, a White House official said, speaking on condition of anonymity. Musk, for his part, did not directly address Trump but kept up his criticism of the massive Republican tax and spending bill that contains much of Trump's domestic agenda. On his social-media platform X, Musk amplified remarks made by others that Trump's "big beautiful bill" would hurt Republicans politically and add to the nation's $US36.2 trillion ($A55.8 trillion) debt. He replied "exactly" to a post by another X user that said Musk had criticised Congress and Trump had responded by criticising Musk personally. Musk also declared it was time for a new political party in the United States "to represent the 80 per cent in the middle!" People who have spoken to Musk said his anger has begun to recede and they think he will want to repair his relationship with Trump, according to one person who has spoken to Musk's entourage. The White House statements came one day after the two men battled openly in an extraordinary display of hostilities that marked a stark end to a close alliance. Tesla stock rose on Friday, clawing back some losses from Thursday's session, when it dropped 14 per cent and lost $US150 billion ($A231 billion) in value, the largest single-day decline in the company's history. Musk, the world's richest person, bankrolled a large part of Trump's 2024 presidential campaign. Trump named Musk to head a controversial effort to downsize the federal workforce and slash spending. Trump feted Musk at the White House a week ago as he wrapped up his role as head of the Department of Government Efficiency. Musk cut only about half of one per cent of total spending, far short of his brash plans to axe $US2 trillion ($A3.1 trillion) from the federal budget. Since then, Musk has denounced Trump's tax-cut and spending bill as a "disgusting abomination". His opposition is complicating efforts to pass the bill in Congress where Republicans hold a slim majority. Trump had initially stayed quiet while Musk campaigned to torpedo the bill, but broke his silence on Thursday, telling reporters he was "very disappointed" in Musk. Musk, who spent nearly $US300 million ($A462 million) in the 2024 elections, said Trump would have lost without his support and suggested he should be impeached. Trump suggested he would terminate government contracts with Musk's businesses, which include rocket company SpaceX and its satellite unit Starlink. The billionaire then threatened to decommission SpaceX's Dragon spacecraft, the only US spacecraft capable of sending astronauts to the International Space Station. Musk later backed off that threat. A prolonged feud could make it harder for Republicans to keep control of Congress in the 2026 midterm elections if Musk withholds financial support or other major Silicon Valley business leaders distance themselves from Trump. Musk had already said he planned to curtail his political spending, and on Tuesday called for "all politicians who betrayed the American people" to be fired in 2026. His involvement with the Trump administration has provoked widespread protests at Tesla sites, driving down sales while investors fretted that Musk's attention was too divided. Donald Trump says he has no plans to speak with Elon Musk, signalling the US president and his former ally might not resolve their feud over a sweeping tax-cut bill any time soon. Addressing reporters on Friday aboard Air Force One, Trump said he wasn't "thinking about" the Tesla CEO. "I hope he does well with Tesla," Trump said. However, Trump said a review of Musk's extensive contracts with the federal government was in order. "We'll take look at everything," the president said. "It's a lot of money." Trump may get rid of the red Tesla Model S that he bought in March after showcasing Musk's electric cars on the White House lawn, a White House official said, speaking on condition of anonymity. Musk, for his part, did not directly address Trump but kept up his criticism of the massive Republican tax and spending bill that contains much of Trump's domestic agenda. On his social-media platform X, Musk amplified remarks made by others that Trump's "big beautiful bill" would hurt Republicans politically and add to the nation's $US36.2 trillion ($A55.8 trillion) debt. He replied "exactly" to a post by another X user that said Musk had criticised Congress and Trump had responded by criticising Musk personally. Musk also declared it was time for a new political party in the United States "to represent the 80 per cent in the middle!" People who have spoken to Musk said his anger has begun to recede and they think he will want to repair his relationship with Trump, according to one person who has spoken to Musk's entourage. The White House statements came one day after the two men battled openly in an extraordinary display of hostilities that marked a stark end to a close alliance. Tesla stock rose on Friday, clawing back some losses from Thursday's session, when it dropped 14 per cent and lost $US150 billion ($A231 billion) in value, the largest single-day decline in the company's history. Musk, the world's richest person, bankrolled a large part of Trump's 2024 presidential campaign. Trump named Musk to head a controversial effort to downsize the federal workforce and slash spending. Trump feted Musk at the White House a week ago as he wrapped up his role as head of the Department of Government Efficiency. Musk cut only about half of one per cent of total spending, far short of his brash plans to axe $US2 trillion ($A3.1 trillion) from the federal budget. Since then, Musk has denounced Trump's tax-cut and spending bill as a "disgusting abomination". His opposition is complicating efforts to pass the bill in Congress where Republicans hold a slim majority. Trump had initially stayed quiet while Musk campaigned to torpedo the bill, but broke his silence on Thursday, telling reporters he was "very disappointed" in Musk. Musk, who spent nearly $US300 million ($A462 million) in the 2024 elections, said Trump would have lost without his support and suggested he should be impeached. Trump suggested he would terminate government contracts with Musk's businesses, which include rocket company SpaceX and its satellite unit Starlink. The billionaire then threatened to decommission SpaceX's Dragon spacecraft, the only US spacecraft capable of sending astronauts to the International Space Station. Musk later backed off that threat. A prolonged feud could make it harder for Republicans to keep control of Congress in the 2026 midterm elections if Musk withholds financial support or other major Silicon Valley business leaders distance themselves from Trump. Musk had already said he planned to curtail his political spending, and on Tuesday called for "all politicians who betrayed the American people" to be fired in 2026. His involvement with the Trump administration has provoked widespread protests at Tesla sites, driving down sales while investors fretted that Musk's attention was too divided. Donald Trump says he has no plans to speak with Elon Musk, signalling the US president and his former ally might not resolve their feud over a sweeping tax-cut bill any time soon. Addressing reporters on Friday aboard Air Force One, Trump said he wasn't "thinking about" the Tesla CEO. "I hope he does well with Tesla," Trump said. However, Trump said a review of Musk's extensive contracts with the federal government was in order. "We'll take look at everything," the president said. "It's a lot of money." Trump may get rid of the red Tesla Model S that he bought in March after showcasing Musk's electric cars on the White House lawn, a White House official said, speaking on condition of anonymity. Musk, for his part, did not directly address Trump but kept up his criticism of the massive Republican tax and spending bill that contains much of Trump's domestic agenda. On his social-media platform X, Musk amplified remarks made by others that Trump's "big beautiful bill" would hurt Republicans politically and add to the nation's $US36.2 trillion ($A55.8 trillion) debt. He replied "exactly" to a post by another X user that said Musk had criticised Congress and Trump had responded by criticising Musk personally. Musk also declared it was time for a new political party in the United States "to represent the 80 per cent in the middle!" People who have spoken to Musk said his anger has begun to recede and they think he will want to repair his relationship with Trump, according to one person who has spoken to Musk's entourage. The White House statements came one day after the two men battled openly in an extraordinary display of hostilities that marked a stark end to a close alliance. Tesla stock rose on Friday, clawing back some losses from Thursday's session, when it dropped 14 per cent and lost $US150 billion ($A231 billion) in value, the largest single-day decline in the company's history. Musk, the world's richest person, bankrolled a large part of Trump's 2024 presidential campaign. Trump named Musk to head a controversial effort to downsize the federal workforce and slash spending. Trump feted Musk at the White House a week ago as he wrapped up his role as head of the Department of Government Efficiency. Musk cut only about half of one per cent of total spending, far short of his brash plans to axe $US2 trillion ($A3.1 trillion) from the federal budget. Since then, Musk has denounced Trump's tax-cut and spending bill as a "disgusting abomination". His opposition is complicating efforts to pass the bill in Congress where Republicans hold a slim majority. Trump had initially stayed quiet while Musk campaigned to torpedo the bill, but broke his silence on Thursday, telling reporters he was "very disappointed" in Musk. Musk, who spent nearly $US300 million ($A462 million) in the 2024 elections, said Trump would have lost without his support and suggested he should be impeached. Trump suggested he would terminate government contracts with Musk's businesses, which include rocket company SpaceX and its satellite unit Starlink. The billionaire then threatened to decommission SpaceX's Dragon spacecraft, the only US spacecraft capable of sending astronauts to the International Space Station. Musk later backed off that threat. A prolonged feud could make it harder for Republicans to keep control of Congress in the 2026 midterm elections if Musk withholds financial support or other major Silicon Valley business leaders distance themselves from Trump. Musk had already said he planned to curtail his political spending, and on Tuesday called for "all politicians who betrayed the American people" to be fired in 2026. His involvement with the Trump administration has provoked widespread protests at Tesla sites, driving down sales while investors fretted that Musk's attention was too divided. Donald Trump says he has no plans to speak with Elon Musk, signalling the US president and his former ally might not resolve their feud over a sweeping tax-cut bill any time soon. Addressing reporters on Friday aboard Air Force One, Trump said he wasn't "thinking about" the Tesla CEO. "I hope he does well with Tesla," Trump said. However, Trump said a review of Musk's extensive contracts with the federal government was in order. "We'll take look at everything," the president said. "It's a lot of money." Trump may get rid of the red Tesla Model S that he bought in March after showcasing Musk's electric cars on the White House lawn, a White House official said, speaking on condition of anonymity. Musk, for his part, did not directly address Trump but kept up his criticism of the massive Republican tax and spending bill that contains much of Trump's domestic agenda. On his social-media platform X, Musk amplified remarks made by others that Trump's "big beautiful bill" would hurt Republicans politically and add to the nation's $US36.2 trillion ($A55.8 trillion) debt. He replied "exactly" to a post by another X user that said Musk had criticised Congress and Trump had responded by criticising Musk personally. Musk also declared it was time for a new political party in the United States "to represent the 80 per cent in the middle!" People who have spoken to Musk said his anger has begun to recede and they think he will want to repair his relationship with Trump, according to one person who has spoken to Musk's entourage. The White House statements came one day after the two men battled openly in an extraordinary display of hostilities that marked a stark end to a close alliance. Tesla stock rose on Friday, clawing back some losses from Thursday's session, when it dropped 14 per cent and lost $US150 billion ($A231 billion) in value, the largest single-day decline in the company's history. Musk, the world's richest person, bankrolled a large part of Trump's 2024 presidential campaign. Trump named Musk to head a controversial effort to downsize the federal workforce and slash spending. Trump feted Musk at the White House a week ago as he wrapped up his role as head of the Department of Government Efficiency. Musk cut only about half of one per cent of total spending, far short of his brash plans to axe $US2 trillion ($A3.1 trillion) from the federal budget. Since then, Musk has denounced Trump's tax-cut and spending bill as a "disgusting abomination". His opposition is complicating efforts to pass the bill in Congress where Republicans hold a slim majority. Trump had initially stayed quiet while Musk campaigned to torpedo the bill, but broke his silence on Thursday, telling reporters he was "very disappointed" in Musk. Musk, who spent nearly $US300 million ($A462 million) in the 2024 elections, said Trump would have lost without his support and suggested he should be impeached. Trump suggested he would terminate government contracts with Musk's businesses, which include rocket company SpaceX and its satellite unit Starlink. The billionaire then threatened to decommission SpaceX's Dragon spacecraft, the only US spacecraft capable of sending astronauts to the International Space Station. Musk later backed off that threat. A prolonged feud could make it harder for Republicans to keep control of Congress in the 2026 midterm elections if Musk withholds financial support or other major Silicon Valley business leaders distance themselves from Trump. Musk had already said he planned to curtail his political spending, and on Tuesday called for "all politicians who betrayed the American people" to be fired in 2026. His involvement with the Trump administration has provoked widespread protests at Tesla sites, driving down sales while investors fretted that Musk's attention was too divided.
