Elon Musk announced the formation of a new political party called the “America Party.” It comes as President Trump celebrates the passage of his spending bill after he signed it into law. NBC News’ Yamiche Alcindor is traveling with the president in New Jersey.

"When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy," Musk said in the announcement.

Elon Musk declared the launch of his new political party on Saturday, a project he has repeatedly floated in the weeks since his explosive breakup with President Donald Trump — but provided no details as to how he planned to jump through the hoops necessary to establish a viable alternative.