Latest news with #US36.2
Canberra Times
13 hours ago
- Business
- Canberra Times
Trump, Musk to hold call after public feud: report
The trouble between the two started brewing days ago, when Musk denounced Trump's sweeping tax-cut and spending bill. The president initially held his tongue while Musk campaigned to torpedo the bill, saying it would add too much to the nation's $US36.2 trillion ($A55.6 trillion) in debt.
The Advertiser
13 hours ago
- Business
- The Advertiser
Trump, Musk to hold call after public feud: report
White House aides have reportedly scheduled a call between Donald Trump and Elon Musk after a huge public spat that saw threats fly over government contracts and ended with the world's richest man suggesting the US president should be impeached. Politico reported the call on Friday could ease the feuding after an extraordinary day of hostilities - largely conducted over social media - that marked a stark end to a close alliance. The verbal punches erupted on Thursday after Trump criticised Musk in the Oval Office and the pair then traded barbs on their social media platforms: Trump's Truth Social and Musk's X. "The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts," Trump posted on Truth Social. "I was always surprised that Biden didn't do it!" Shares in Musk's Tesla closed down over 14 per cent on Thursday, losing about $US150 billion in market value in the largest single-day decline in value in its history. Minutes after the closing bell, Musk replied, "Yes," to a post on X saying Trump should be impeached. Trump's Republicans hold majorities in both chambers of Congress and are highly unlikely to impeach him. Musk earlier said on X that Trump is mentioned in still-secret Justice Department files related to Jeffrey Epstein and he suggested that was why the records have not been released. Musk provided no support for the claim, but it came amid a spectacular and public disintegration of his once-close relationship with Trump. The trouble between the two started brewing days ago, when Musk denounced Trump's sweeping tax-cut and spending bill. The president initially held his tongue while Musk campaigned to torpedo the bill, saying it would add too much to the nation's $US36.2 trillion ($A55.6 trillion) in debt. Trump broke his silence on Thursday, telling reporters in the Oval Office he was "very disappointed" in Musk. "Look, Elon and I had a great relationship. I don't know if we will anymore," Trump said. While Trump spoke, Musk responded with increasingly acerbic posts on X. "Without me, Trump would have lost the election," wrote Musk, who spent nearly $US300 million ($A460 million) backing Trump and other Republicans in the 2024 election. "Such ingratitude." In another post, Musk asserted that Trump's signature tariffs would push the United States into a recession later in 2025. The feud was not entirely unexpected. Trump and Musk are both political pugilists with sizeable egos and a penchant for using social media to punch back against their perceived enemies, and many observers had predicted an eventual falling out. Even before Musk's departure from the administration last week, his influence had waned following a series of clashes with cabinet members over his cuts to their agencies. For Trump, the fight was the first major rift he has had with a top adviser since taking office for a second time, after his first term was marked by numerous blow-ups After serving as the biggest Republican donor in the 2024 campaign season, Musk became one of Trump's most visible advisers as head of the Department of Government Efficiency, which mounted a sweeping and controversial effort to downsize the federal workforce and slash spending. Musk was frequently present at the White House and made multiple appearances on Capitol Hill, sometimes carrying his young son. with AP White House aides have reportedly scheduled a call between Donald Trump and Elon Musk after a huge public spat that saw threats fly over government contracts and ended with the world's richest man suggesting the US president should be impeached. Politico reported the call on Friday could ease the feuding after an extraordinary day of hostilities - largely conducted over social media - that marked a stark end to a close alliance. The verbal punches erupted on Thursday after Trump criticised Musk in the Oval Office and the pair then traded barbs on their social media platforms: Trump's Truth Social and Musk's X. "The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts," Trump posted on Truth Social. "I was always surprised that Biden didn't do it!" Shares in Musk's Tesla closed down over 14 per cent on Thursday, losing about $US150 billion in market value in the largest single-day decline in value in its history. Minutes after the closing bell, Musk replied, "Yes," to a post on X saying Trump should be impeached. Trump's Republicans hold majorities in both chambers of Congress and are highly unlikely to impeach him. Musk earlier said on X that Trump is mentioned in still-secret Justice Department files related to Jeffrey Epstein and he suggested that was why the records have not been released. Musk provided no support for the claim, but it came amid a spectacular and public disintegration of his once-close relationship with Trump. The trouble between the two started brewing days ago, when Musk denounced Trump's sweeping tax-cut and spending bill. The president initially held his tongue while Musk campaigned to torpedo the bill, saying it would add too much to the nation's $US36.2 trillion ($A55.6 trillion) in debt. Trump broke his silence on Thursday, telling reporters in the Oval Office he was "very disappointed" in Musk. "Look, Elon and I had a great relationship. I don't know if we will anymore," Trump said. While Trump spoke, Musk responded with increasingly acerbic posts on X. "Without me, Trump would have lost the election," wrote Musk, who spent nearly $US300 million ($A460 million) backing Trump and other Republicans in the 2024 election. "Such ingratitude." In another post, Musk asserted that Trump's signature tariffs would push the United States into a recession later in 2025. The feud was not entirely unexpected. Trump and Musk are both political pugilists with sizeable egos and a penchant for using social media to punch back against their perceived enemies, and many observers had predicted an eventual falling out. Even before Musk's departure from the administration last week, his influence had waned following a series of clashes with cabinet members over his cuts to their agencies. For Trump, the fight was the first major rift he has had with a top adviser since taking office for a second time, after his first term was marked by numerous blow-ups After serving as the biggest Republican donor in the 2024 campaign season, Musk became one of Trump's most visible advisers as head of the Department of Government Efficiency, which mounted a sweeping and controversial effort to downsize the federal workforce and slash spending. Musk was frequently present at the White House and made multiple appearances on Capitol Hill, sometimes carrying his young son. with AP White House aides have reportedly scheduled a call between Donald Trump and Elon Musk after a huge public spat that saw threats fly over government contracts and ended with the world's richest man suggesting the US president should be impeached. Politico reported the call on Friday could ease the feuding after an extraordinary day of hostilities - largely conducted over social media - that marked a stark end to a close alliance. The verbal punches erupted on Thursday after Trump criticised Musk in the Oval Office and the pair then traded barbs on their social media platforms: Trump's Truth Social and Musk's X. "The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts," Trump posted on Truth Social. "I was always surprised that Biden didn't do it!" Shares in Musk's Tesla closed down over 14 per cent on Thursday, losing about $US150 billion in market value in the largest single-day decline in value in its history. Minutes after the closing bell, Musk replied, "Yes," to a post on X saying Trump should be impeached. Trump's Republicans hold majorities in both chambers of Congress and are highly unlikely to impeach him. Musk earlier said on X that Trump is mentioned in still-secret Justice Department files related to Jeffrey Epstein and he suggested that was why the records have not been released. Musk provided no support for the claim, but it came amid a spectacular and public disintegration of his once-close relationship with Trump. The trouble between the two started brewing days ago, when Musk denounced Trump's sweeping tax-cut and spending bill. The president initially held his tongue while Musk campaigned to torpedo the bill, saying it would add too much to the nation's $US36.2 trillion ($A55.6 trillion) in debt. Trump broke his silence on Thursday, telling reporters in the Oval Office he was "very disappointed" in Musk. "Look, Elon and I had a great relationship. I don't know if we will anymore," Trump said. While Trump spoke, Musk responded with increasingly acerbic posts on X. "Without me, Trump would have lost the election," wrote Musk, who spent nearly $US300 million ($A460 million) backing Trump and other Republicans in the 2024 election. "Such ingratitude." In another post, Musk asserted that Trump's signature tariffs would push the United States into a recession later in 2025. The feud was not entirely unexpected. Trump and Musk are both political pugilists with sizeable egos and a penchant for using social media to punch back against their perceived enemies, and many observers had predicted an eventual falling out. Even before Musk's departure from the administration last week, his influence had waned following a series of clashes with cabinet members over his cuts to their agencies. For Trump, the fight was the first major rift he has had with a top adviser since taking office for a second time, after his first term was marked by numerous blow-ups After serving as the biggest Republican donor in the 2024 campaign season, Musk became one of Trump's most visible advisers as head of the Department of Government Efficiency, which mounted a sweeping and controversial effort to downsize the federal workforce and slash spending. Musk was frequently present at the White House and made multiple appearances on Capitol Hill, sometimes carrying his young son. with AP White House aides have reportedly scheduled a call between Donald Trump and Elon Musk after a huge public spat that saw threats fly over government contracts and ended with the world's richest man suggesting the US president should be impeached. Politico reported the call on Friday could ease the feuding after an extraordinary day of hostilities - largely conducted over social media - that marked a stark end to a close alliance. The verbal punches erupted on Thursday after Trump criticised Musk in the Oval Office and the pair then traded barbs on their social media platforms: Trump's Truth Social and Musk's X. "The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts," Trump posted on Truth Social. "I was always surprised that Biden didn't do it!" Shares in Musk's Tesla closed down over 14 per cent on Thursday, losing about $US150 billion in market value in the largest single-day decline in value in its history. Minutes after the closing bell, Musk replied, "Yes," to a post on X saying Trump should be impeached. Trump's Republicans hold majorities in both chambers of Congress and are highly unlikely to impeach him. Musk earlier said on X that Trump is mentioned in still-secret Justice Department files related to Jeffrey Epstein and he suggested that was why the records have not been released. Musk provided no support for the claim, but it came amid a spectacular and public disintegration of his once-close relationship with Trump. The trouble between the two started brewing days ago, when Musk denounced Trump's sweeping tax-cut and spending bill. The president initially held his tongue while Musk campaigned to torpedo the bill, saying it would add too much to the nation's $US36.2 trillion ($A55.6 trillion) in debt. Trump broke his silence on Thursday, telling reporters in the Oval Office he was "very disappointed" in Musk. "Look, Elon and I had a great relationship. I don't know if we will anymore," Trump said. While Trump spoke, Musk responded with increasingly acerbic posts on X. "Without me, Trump would have lost the election," wrote Musk, who spent nearly $US300 million ($A460 million) backing Trump and other Republicans in the 2024 election. "Such ingratitude." In another post, Musk asserted that Trump's signature tariffs would push the United States into a recession later in 2025. The feud was not entirely unexpected. Trump and Musk are both political pugilists with sizeable egos and a penchant for using social media to punch back against their perceived enemies, and many observers had predicted an eventual falling out. Even before Musk's departure from the administration last week, his influence had waned following a series of clashes with cabinet members over his cuts to their agencies. For Trump, the fight was the first major rift he has had with a top adviser since taking office for a second time, after his first term was marked by numerous blow-ups After serving as the biggest Republican donor in the 2024 campaign season, Musk became one of Trump's most visible advisers as head of the Department of Government Efficiency, which mounted a sweeping and controversial effort to downsize the federal workforce and slash spending. Musk was frequently present at the White House and made multiple appearances on Capitol Hill, sometimes carrying his young son. with AP
Canberra Times
20 hours ago
- Business
- Canberra Times
Threats, lies and vitriol: Trump-Musk feud explodes
The trouble between the two started brewing days ago, when Musk denounced Trump's sweeping tax-cut and spending bill. The president initially held his tongue while Musk campaigned to torpedo the bill, saying it would add too much to the nation's $US36.2 trillion ($A55.6 trillion) in debt.
The Age
2 days ago
- Business
- The Age
Master of deception: How Trump is fudging the numbers
When looking at the latest US Congressional Budget Office analysis of the Trump administration's proposed budget and tariff policies, the saying 'lies, damned lies, and statistics' comes readily to mind because, at the heart of both sets of policies, is financial legerdemain. The CBO's verdict on the One Big Beautiful Bill Act now being negotiated by Senate Republicans is that, in its current form, it would add $US2.4 trillion ($3.7 trillion) to US government's $US36.2 trillion of debt over the next decade. A separate CBO analysis of the Trump tariffs, however, said it could raise $US2.8 trillion over the same period, suggesting that it would more than cover the increased spending. At the core of the increase in spending is the extension of Trump's 2017 tax cuts, which mainly favoured companies and wealthy households. Those cuts had a 'sunset' clause – they were scheduled to end in December this year – which was an accounting artifice to keep their cost below $US1.5 trillion rather than multiples of that amount had they been factored into the CBO's usual 10-year projections. Loading In the One Big Beautiful Bill, the Republicans are emulating their 2017 strategy, with a range of the Trump campaign pledges on cuts to the taxes on tips, overtime, social security benefits for seniors and the interest on car loans supposed to expire by the end of his term in January 2029. Between them, their cost amounts to nearly $US300 billion over that period. If they were extended – and there would be significant political pain for the next administration if they weren't extended – their cost over the normal 10-year budget assessments would be closer to $US1 trillion. The cost of extending the $US3.8 trillion of core tax cuts – the extension of the 2017 tax package – would increase to $US5.3 trillion if they remain in place over the decade.
Sydney Morning Herald
2 days ago
- Business
- Sydney Morning Herald
Master of deception: How Trump is fudging the numbers
When looking at the latest US Congressional Budget Office analysis of the Trump administration's proposed budget and tariff policies, the saying 'lies, damned lies, and statistics' comes readily to mind because, at the heart of both sets of policies, is financial legerdemain. The CBO's verdict on the One Big Beautiful Bill Act now being negotiated by Senate Republicans is that, in its current form, it would add $US2.4 trillion ($3.7 trillion) to US government's $US36.2 trillion of debt over the next decade. A separate CBO analysis of the Trump tariffs, however, said it could raise $US2.8 trillion over the same period, suggesting that it would more than cover the increased spending. At the core of the increase in spending is the extension of Trump's 2017 tax cuts, which mainly favoured companies and wealthy households. Those cuts had a 'sunset' clause – they were scheduled to end in December this year – which was an accounting artifice to keep their cost below $US1.5 trillion rather than multiples of that amount had they been factored into the CBO's usual 10-year projections. Loading In the One Big Beautiful Bill, the Republicans are emulating their 2017 strategy, with a range of the Trump campaign pledges on cuts to the taxes on tips, overtime, social security benefits for seniors and the interest on car loans supposed to expire by the end of his term in January 2029. Between them, their cost amounts to nearly $US300 billion over that period. If they were extended – and there would be significant political pain for the next administration if they weren't extended – their cost over the normal 10-year budget assessments would be closer to $US1 trillion. The cost of extending the $US3.8 trillion of core tax cuts – the extension of the 2017 tax package – would increase to $US5.3 trillion if they remain in place over the decade.
