00:00President Donald Trump is taking aim at Elon Musk, threatening the tech mogul's businesses with the Department of Government Efficiency.
00:08Trump claims Musk receives more government subsidies than anyone in history, asserting that without them, Musk's ventures like SpaceX, Tesla, and Starlink would collapse.
00:18This public feud comes despite Musk's estimated $250 million contribution to Trump's election campaign.
00:25The latest clash ignited after Musk vehemently criticized a big, beautiful bill, a massive, pork-filled spending bill that would add trillions to the national debt.
00:36Musk has pledged to defeat any legislators who vote for the bill, even threatening to launch a new America party if it passes.
00:44His companies, SpaceX and Tesla, have indeed benefited from significant government contracts and subsidies.
00:51With reports suggesting at least $38 billion in various benefits, this isn't their first public spat.
01:00Trump previously threatened to terminate government contracts with Musk's companies.
01:05The president is pushing for this bill, his top legislative priority, to be passed by July 4th.
01:10The proposed legislation would increase the national debt by dollar, $3.3 trillion over the next decade, and cut over $1.1 trillion from Medicaid and other health care programs,
01:23potentially leaving nearly 12 million people without health insurance.
01:28Republicans in both the House and Senate face a tough battle to pass the bill,
01:32with a slim majority and several holdouts concerned about its impact on the deficit and health care.
01:38The stakes are high for both Trump and Musk as this political drama unfolds,
01:43with billions of dollars and significant policy changes hanging in the balance.
01:48Money Explainers
Comentarios