Trump treasury secretary criticizes Elon Musk's new political party
On July 5, Musk announced he would be forming a new political party amid frustration with President Donald Trump's sweeping tax policy bill, which is expected to add at least $3.3 trillion to the federal deficit in the next ten years.
"I believe that the boards of directors at his various companies wanted him to come back and run those companies, which he is better at than anyone," Bessent said of Musk's departure from the federal government.
"So I imagine that those boards of directors did not like this announcement yesterday and will be encouraging him to focus on his business activities, not his political activities," he added.
A Quinnipiac University poll released last month found that 30% of American voters said they have a favorable opinion of Musk. Sixty-two percent of Republicans backed the billionaire, but that was down from 78% in the university's March survey.
Bessent and Musk repeatedly clashed during the billionaire's time in the administration, culminating in Bessent calling Musk a "fraud" and Musk throwing his shoulder into Bessent's rib cage in the White House, setting off a "scrum" between the two, according to multiple reports.
Musk and Trump, too, have feuded in recent weeks. Musk has been critical of Trump and congressional Republicans' efforts to pass the sweeping tax bill, arguing that it is reckless to saddle the country with so much additional debt. GOP leaders have contended that the bill will spur economic growth.
Trump signed the bill into law on July 4. The Tesla and SpaceX CEO shared on X the next day that he was starting the "America Party," though the party's broader beliefs weren't immediately clear.
"When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy," Musk said on X on July 5. "Today, the America Party is formed to give you back your freedom."
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