Overview

• On June 30 and July 1, Musk revived his attacks on the “One Big, Beautiful Bill,” saying Republicans who back the measure will face primary challengers next year.
• He pledged to form an “America Party” if the bill passes with a record $5 trillion debt ceiling increase, arguing voters need an alternative to the two-party system.
• President Trump responded on Truth Social by threatening to strip Tesla, SpaceX and other Musk ventures of federal subsidies, warning without them Musk would have to curb operations.
• Senate Republicans are in a marathon vote-a-rama on the 900-page reconciliation package as they race to clear it by the July 4 deadline.
• The showdown underscores growing rifts over deficit spending, billionaire influence in politics and the stability of traditional party loyalties.