Elon Musk, the single biggest Republican donor in the 2024 elections, says he wants to create a new political party to lower the US national debt, which currently stands at $37 trillion. After spending more than $290 million in 2024 to help elect President Donald Trump and secure a Republican majority in Congress,

GOP lawmakers fear that Musk-backed third-party candidates could act as spoilers in tight races, siphoning conservative votes and benefiting Democrats in critical contests. According to The Hill, Republican strategists note that third-party candidates have previously swung outcomes in both presidential and Senate elections.