(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)