India, July 1 -- Tesla and SpaceX CEO Elon Musk ignited a political firestorm late Monday by threatening to launch a new political movement, the "America Party," if the U.S. Senate passes a sweeping $5 trillion spending bill. In a post on X, Musk declared, "If this insane spending bill passes, the America Party will be formed the next day. Our country needs an alternative to the Democrat-Republican uniparty so that the people actually have a VOICE."

Musk's remarks come as the Senate debates the controversial "One Big Beautiful Bill Act," a legislative package proposing a massive $5 trillion increase in the federal debt ceiling, tax cuts, and revisions to the child tax credit. While the bill mirrors parts of former President Trump's econo...