The war of words between billionaire Elon Musk and President Donald Trump over the big bill of tax breaks and spending cuts is heating up again, with Musk claiming he may form a new political party and Trump blasting the Tesla CEO over electric vehicle subsidies.

(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,