Elon Musk has launched a fresh wave of criticism against U.S. President Donald Trump's controversial tax-and-spending proposal, branding it a “debt slavery bill” and warning that he will create a new political movement — the "America Party" — if it becomes law.

As the Senate deliberated on Trump’s sweeping “One Big, Beautiful Bill” on Monday, Musk escalated his opposition to the legislation, which he claims could drive the national debt up by more than $3 trillion. The tech billionaire has previously donated over $250 million to Trump’s campaign but appears to be breaking ranks over the bill.

Posting on X (formerly Twitter), Musk accused lawmakers of pushing a law that would "cripple average Americans," adding, “With this kind of reckless spending that raises the debt ceiling by FIVE TRILLION DOLLARS, we’re clearly living under a one-party rule – the PORKY PIG PARTY! Time to start a new party that represents the people.”

Senate Races Against Time, Musk Targets GOP Figures

The Senate is trying to push the bill through before the July 4 deadline. Though it narrowly cleared the House last month, any changes made by the Senate would need final approval from the lower chamber before Trump can sign it.

The bill is central to Trump’s second-term agenda, with provisions for increased military funding, border control, and energy initiatives. But it also proposes significant cuts to healthcare and food assistance programs. The Congressional Budget Office projects a $3.3 trillion deficit over the next decade if the bill is enacted.

Musk didn’t spare Republican leaders either, slamming them for hypocrisy. He specifically called out House Freedom Caucus Chair Rep. Andy Harris, saying, “You can’t claim to stand for freedom while endorsing a bill that locks future generations into debt.”

He added: “Lawmakers who promised to curb spending but voted for this colossal debt hike should be ashamed. They’ll face the consequences at the ballot box — even if I have to make it happen myself.”

‘America Party’ Threat and Fallout with Trump

Musk warned that if the bill is passed, his new political organization will be launched immediately: “If this absurd bill becomes law, the America Party will be born the next day. Our nation needs more than just a Democrat-Republican duopoly. We need real representation.”

His remarks mark a deepening rift with President Trump. Though the two once worked closely — with Musk appointed to lead the Department of Government Efficiency — their alliance soured over budget disagreements.

Earlier this year, Musk exited the White House with public praise and a ceremonial key. But the alliance has since unraveled. Musk recently claimed, “Without me, Trump would’ve lost the election, Democrats would run the House, and the Senate would be 51–49.”

On June 11, he walked back some of his harsher statements about Trump, deleting posts and saying they "went too far." Notably, one deleted post endorsed calls for Trump’s impeachment.

Trump initially responded with sharp criticism, accusing Musk of ingratitude and issuing a veiled warning. But in a surprise reversal, the president later referred to Musk as a “brilliant” and “wonderful guy” at a public event, leaving the status of their relationship in limbo.