June 30 (Reuters) - Billionaire Elon Musk reiterated his

criticism of U.S. President Donald Trump's spending legislation

on Monday, arguing that it underscores the need for a new

political party.

The Tesla chief slammed the "insane spending" of

the bill, particularly the measure that increases the debt

ceiling by $5 trillion.

"It is obvious ... that we live in a one-party country - the

PORKY PIG PARTY!! Time for a new political party that actually

cares about the people," Musk wrote on X.

Musk has repeatedly expressed frustration with what he sees

as bipartisan indifference to ballooning government debt.

Earlier this month, he publicly clashed with Trump over the

bill, before backtracking later.

The bitter public feud has led to volatility for Tesla, with

shares of the company seeing wild price swings that erased

approximately $150 billion of its market value, though it has

since recovered.

The dispute underscores growing tensions between the

administration and prominent business leaders over fiscal policy

priorities.

(Reporting by Kritika Lamba in Bengaluru)