President Donald Trump said there would be "serious consequences" if tech mogul Elon Musk funds Democratic candidates to run against Republicans who vote in favor of the GOP's sweeping budget bill.

"If he does, he'll have to pay the consequences for that," Trump told NBC News in a phone interview, but declined to share what those consequences would be.

The president also said he has no desire to repair his relationship with Musk after a feud between the two men erupted into public view earlier this week.