Trump admin live updates: Trump says Musk will 'pay the consequences' if he funds Democrats

President Donald Trump said he wants the debt ceiling scrapped, taking sides with progressive Democratic Sen. Elizabeth Warren, while also standing in diametric opposition to some budget hawks in his own party.

"The Debt Limit should be entirely scrapped to prevent an Economic catastrophe. It is too devastating to be put in the hands of political people that may want to use it despite the horrendous effect it could have on our Country and, indirectly, even the World," Trump wrote in a Truth Social post in response to a post from Warren.

Raising the debt ceiling means increasing the amount of debt the U.S. can accrue to pay its bills.

"Because if we don't take care of it, we have a country in default, and we don't ever want to have a country and of. You know, I'll tell you a certain senator Elizabeth Warren said that she would never, ever, allow a default on our debt. She would never let, let it happen. And she would like to get rid of the debt ceiling," Trump said last Friday in the Oval Office in response to a question from ABC News' Karen Travers.

"I think you should get rid of it. It's too catastrophic," Trump added.

--ABC News' Michelle Stoddart

Amid the fallout between President Donald Trump and Elon Musk, House Speaker Mike Johnson told ABC News Friday he was disappointed and surprised by the billionaire's tirade against the president.

However, he said he hopes the two reconcile.

"I was with the president in the Oval Office yesterday afternoon as some of this was unfolding, and I can tell you he, as he said in his own words, he was just disappointed, and I was, too. I'm surprised by Elon's sudden opposition, and look, I hope they reconcile. I believe in redemption." Johnson said.

But, without naming Musk, the speaker issued a stark warning.

"But I'll tell you what, do not doubt and do not second-guess, and don't ever challenge the president of the United States, Donald Trump. He is the leader of the party. He's the most consequential political figure of this generation in probably the modern era, and he's doing an excellent job for the people," he said.

-ABC News' Lauren Peller, Arthur Jones II and Jay O'Brien

President Donald Trump is considering either giving away or selling the red Tesla he purchased to support Elon Musk, a senior administration official told ABC News.

The Tesla was parked on West Executive Avenue on Thursday.

--ABC News' Rachel Scott

Late Thursday evening, Vice President JD Vance expressed his support for the president amid the public dispute between Donald Trump and Musk.

"President Trump has done more than anyone in my lifetime to earn the trust of the movement he leads. I am proud to stand beside him," he wrote on social media.

-ABC News' Kelsey Walsh