Elon Musk criticizes spending bill, calls for new political party

Investing.com -- Tesla (NASDAQ: TSLA) founder Elon Musk criticized the proposed spending bill on Monday, expressing his dissatisfaction on his social media platform X.

Musk specifically targeted what he called "insane spending" in the bill, which he noted "increases the debt ceiling by a record FIVE TRILLION DOLLARS."

In his post, Musk wrote: "It is obvious with the insane spending of this bill, which increases the debt ceiling by a record FIVE TRILLION DOLLARS that we live in a one-party country – the PORKY PIG PARTY!! Time for a new political party that actually cares about the people."

This is not the first time Musk has criticized the legislation, having previously faced pushback from President Trump for his comments about the bill.

Trump wants the massive tax and spending bill passed before the July 4 Independence Day holiday.

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