logo
Rand Paul, Mike Lee back Elon Musk over Trump-backed bill: ‘We can and must do better'

Rand Paul, Mike Lee back Elon Musk over Trump-backed bill: ‘We can and must do better'

The Hill2 days ago

Republican Sens. Rand Paul (Ky.) and Mike Lee (Utah) are backing tech billionaire Elon Musk's criticism of the House-approved version of President Trump's agenda-setting megabill as it heads to the upper chamber for vetting.
'We can and must do better,' Paul wrote on the social platform X on Tuesday in response to Musk's post that slammed the so-called 'One Big, Beautiful Bill Act' as a 'disgusting abomination.'
Lee also chimed in writing, 'The Senate must make this bill better,' in a reply to Musk.
Musk's blistering critique of the measure touted by Trump and House Republican leaders comes just days after the end of Musk's White House role as a special adviser on government spending and de facto head of the Trump administration's Department of Government Efficiency (DOGE).
'I'm sorry, but I just can't stand it anymore. This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination,' Musk wrote on X, the platform that he runs. 'Shame on those who voted for it: you know you did wrong. You know it.'
The massive tax and spending legislation would extend Trump's 2017 tax cuts and boost funding for border and defense priorities, while slashing spending on social safety net programs like Medicaid and food assistance. It narrowly passed the GOP-controlled House in May and is now up for Senate review. But Paul and other senators already have highlighted projections that it would add nearly $4 trillion to the national debt.
Musk voiced tepid disapproval of the measure in a 'CBS Sunday Morning' interview over the weekend and said it 'it undermines the work that the DOGE team is doing.'
'I think a bill can be big, or it could be beautiful,' Musk said in the interview. 'I don't know if it could be both — my personal opinion.'
But the more forceful rebuke marked a turn in his criticism and defense of his efforts to curb government waste.
'It will massively increase the already gigantic budget deficit to $2.5 trillion (!!!) and burden America citizens with crushingly unsustainable debt,' he wrote in a follow-up post on Tuesday.
But the White House dismissed the criticism from Musk, who was a top donor to Trump's reelection campaign last fall.
'The president already knows where Elon Musk stood on this bill,' White House press secretary Karoline Leavitt told reporters during Tuesday's press briefing. 'It doesn't change his opinion.'
Trump lashed out at Paul on Truth Social earlier Tuesday, accusing the Kentucky lawmaker of voting 'NO on everything' and 'never' having 'practical or constructive ideas.'

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Should You Buy the Dip on XRP?
Should You Buy the Dip on XRP?

Yahoo

time25 minutes ago

  • Yahoo

Should You Buy the Dip on XRP?

After soaring to a 52-week high in January, XRP is now down 35%. The most important near-term catalyst for XRP is imminent SEC approval of new spot ETFs. XRP has seen a significant decline in transaction activity over the past two months, raising questions about its future growth potential. 10 stocks we like better than XRP › Heading into 2025, XRP (CRYPTO: XRP) was the hottest crypto on the planet. But after hitting a 52-week high of $3.39 in January, XRP has fizzled out. It's now down 35% from its 2025 peak, and investors are understandably concerned. Is now the time to buy the dip on XRP? Or is your money better spent elsewhere? Let's take a closer look. Heading into November, XRP had basically flatlined at the $0.50 price level. However, after the presidential election, it suddenly surged, eventually reaching a multi-year high. This makes sense, of course, because XRP was the one cryptocurrency destined to get the biggest bounce from a pro-crypto Trump presidency. Up until November, dark regulatory clouds were hanging over Ripple, the company behind the XRP token. The Securities and Exchange Commission (SEC) claimed that XRP was a "security" and not a "commodity." This asset class is subject to stricter regulations regarding trading, ownership, and reporting requirements. However, as soon as Trump was elected, XRP skyrocketed. The logic was simple: a Trump presidency would likely lead to a shakeup at the SEC, which would then help lift all the regulatory clouds hanging over Ripple and XRP. And that's exactly what happened. The problem is that this development has been replaced by a new narrative around global trade and tariffs. All of last year's pro-crypto euphoria has already been priced into XRP, and investors are looking for a new narrative to drive XRP higher. The most likely new catalyst is SEC approval of spot XRP exchange-traded funds (ETFs). Already, there are several spot XRP ETF applications in the pipeline, including ones from Franklin Templeton (NYSE: BEN) and WisdomTree (NYSE: WT). The thinking here is that a new pro-crypto approach at the SEC will give it the freedom to sign off on at least one of these ETF applications. The timing has been pushed back to the fourth quarter (Q4), but prediction markets are giving this a 93% chance of happening by the end of 2025. It's almost just a matter of "when," not "if." If the success of the spot Bitcoin ETFs is any guide, then these new spot XRP ETFs could result in a tsunami of new investor money flooding into XRP, helping to push up its price. As further proof of just how mainstream XRP has become, some publicly traded companies are now thinking about adding XRP as a treasury asset to their balance sheets. This is a strategy that was first popularized with Bitcoin (CRYPTO: BTC), and now it looks like the same strategy could be coming for XRP as well. One example is sustainable energy producer VivoPower International (NASDAQ: VVPR), which plans to buy $100 million of XRP for its treasury. And a Chinese company recently filed with the SEC to buy $300 million of XRP for its treasury. It remains to be seen if other companies will follow their lead, but XRP bulls are understandably enthusiastic about this development. The coin was never meant to serve as a long-term value storage system, but XRP investors aren't complaining about this new idea. That's the good news. The bad news, unfortunately, is that usage of the XRP token has fallen off a cliff over the past two months. As demand for XRP falls, it means that there will likely be downward pressure on its price. Keep in mind: XRP is essentially a bridge currency. That means it's primarily used to facilitate cross-border payments and transfer value between different fiat currencies. Typically, users convert one fiat currency into XRP, send it across the XRP blockchain to a user in another country, who then converts it into another fiat currency. It might sound complex, but it's cheaper and more efficient than using traditional finance tools. However, now that global trade has been turned upside down, the growing consensus is that XRP may no longer be as needed as it once was. After all, who's sending money across borders these days? That could help to explain why the fall in demand for XRP has been so dramatic over the past two months. This time period lines up perfectly with the announcement of the Liberation Day tariffs on April 2. Moreover, there appears to be another factor at work here, and that's the emergence of stablecoins as yet another way to send cross-border payments. Stablecoins are now a $250 billion industry, and it's clear that they are here to stay. In fact, Ripple recently launched a stablecoin of its own. While it was originally intended to help stoke demand for XRP, this stablecoin could end up cannibalizing some of the transaction activity of XRP, further reducing demand for the token. And that, of course, is going to further keep a lid on future price gains for XRP. In fact, a growing number of investors are now warning that XRP could drop below the $2 mark soon. The decision of whether or not to buy XRP is more complicated than you might think. While there are definitely near-term catalysts waiting to send XRP higher, it all comes amid a backdrop of macroeconomic uncertainty. Thus, before you decide to buy XRP, you need to be comfortable with the current situation involving global trade and tariffs. Even though XRP has enormous upside potential going forward, it may continue to trade sideways until the tariff situation is resolved once and for all. Before you buy stock in XRP, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and XRP wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $668,538!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $869,841!* Now, it's worth noting Stock Advisor's total average return is 789% — a market-crushing outperformance compared to 172% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 2, 2025 Dominic Basulto has positions in Bitcoin and XRP. The Motley Fool has positions in and recommends Bitcoin and XRP. The Motley Fool recommends WisdomTree. The Motley Fool has a disclosure policy. Should You Buy the Dip on XRP? was originally published by The Motley Fool

California Lawmaker Leads Voter ID Ballot Initiative Signature Campaign
California Lawmaker Leads Voter ID Ballot Initiative Signature Campaign

Epoch Times

time26 minutes ago

  • Epoch Times

California Lawmaker Leads Voter ID Ballot Initiative Signature Campaign

A California lawmaker is leading an attempt to place an initiative on the 2026 ballot to require voter ID as a statewide constitutional amendment. Republican Assemblyman Carl DeMaio of San Diego is seeking volunteers to help gather signatures and raise funds to let voters decide on two issues: whether citizenship should be verified at the time of voter registration and whether IDs should be required when casting a ballot. The

Trump, Xi speak for first time since Inauguration Day
Trump, Xi speak for first time since Inauguration Day

Politico

time29 minutes ago

  • Politico

Trump, Xi speak for first time since Inauguration Day

President Donald Trump said he spoke Thursday with China's leader, Xi Jinping, breaking the monthslong silence between the two leaders. In a post on Truth Social, Trump said that U.S. and Chinese leaders will meet again 'shortly.' U.S. representatives will include Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer. The president described it as a 'very good phone call' and said that Xi invited him to visit China. This is the first call between the two world leaders since Trump's second term began. It comes at a key point for China-U.S. relations as the two countries try to deescalate a trade war Trump started this spring by levying 145 percent tariffs on China, which the Chinese retaliated against, halting trade between the two countries.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store