Trump confident spending bill will pass by July 4: what’s next for Musk?

President Donald Trump remains confident the sweeping tax and spending bill will pass by the July 4 Independence Day holiday, despite significant opposition from Elon Musk, whose public criticism has complicated legislative efforts.

Trump told NBC, "people that were, were going to vote for it are now enthusiastically going to vote for it, and we expect it to pass." However, Musk, who spent nearly $300 million supporting Trump's 2024 campaign, has called the bill an "abomination", sparking a bitter public feud.

The dispute escalated when Trump warned Musk of "serious consequences" if he funds Democrats opposing Republicans backing the bill. Trump also threatened to terminate Musk's government subsidies and contracts, including those for SpaceX, which holds at least $22 billion in federal contracts.

This feud has already impacted markets, with Tesla's stock plunging 14 percent in one day, wiping out over $150 billion in market value. Experts warn that cutting SpaceX contracts could be "catastrophic" for the U.S. space program, potentially increasing dependence on Russian launches.

Trump has expressed no interest in reconciling, stating he has "no intention of speaking to" Musk. The public spat highlights tensions between two powerful figures whose alliance once seemed strong but has now unraveled amid clashing political and business interests.

Quotes:
"He'll have to pay the consequences" - Trump on Musk funding Democrats.
"The easiest way to save money in our Budget... is to terminate Elon’s Governmental Subsidies and Contracts." - Trump.

Stats:
Tesla stock dropped 14% in one day, losing $150 billion.
SpaceX holds at least $22 billion in federal contracts.
Musk spent nearly $300 million on Trump's 2024 campaign.

The outcome of the spending bill and the Musk-Trump feud will have significant implications for U.S. politics, the space industry, and financial markets.

President Donald Trump expressed confidence that a sweeping tax and spending bill will pass by July 4, despite opposition from Elon Musk, who criticized the measure and sparked a public feud with Trump. The dispute threatens Musk's government contracts, including $22 billion for SpaceX, amid warnings of serious consequences.