Elon Musk has called the proposed $5 trillion U.S. debt ceiling hike "insane spending" and warned it could plunge the country into uncontrollable debt. He suggested the formation of a new political party that would truly represent the interests of the people. Following his remarks, Tesla shares saw a significant decline. Musk dubbed the current political landscape a "one-party system" humorously referring to it as the "Porky Pig Party."