The Big Story 

President Trump and his onetime ally Elon Musk are at each other's throats once again, after winding down tensions last month following their public blowout.

© Evan Vucci, Associated Press

Musk renewed his calls Monday for a new political party as he lodged sharp criticism against Trump's megabill as the Senate sought to move toward a final vote on the reconciliation package.

“It is obvious with the insane spending of this bill, which increases the debt ceiling by a record FIVE TRILLION DOLLARS that we live in a one-party country — the PORKY PIG PARTY!!” Musk wrote on his social platform X.

“Time for a new political party that actually cares about the people,” he added.

The tech billionaire, whose close relationship with Trump quickly devolved into a public clash last month, has blasted Trump’s “big, beautiful bill” as “utterly insane” and “political suicide” for the GOP. 

Amid his tiff with Trump, Musk had previously launched a poll asking X users whether the country needed a new faction for political nominees; he then floated the idea of “The America Party” to “represent the 80% in the middle.”

Musk, before stepping away from the White House last month, was the head of Trump’s Department of Government Efficiency (DOGE), spearheading massive cuts and sweeping changes to the federal government.

Meanwhile, Trump on Tuesday suggested that DOGE could take a “good, hard, look” at the tech mogul's companies and the extent to which they’ve benefited from environmental tax credits, many of which are set to be cut in the president's tax and spending bill.

“Elon Musk knew, long before he so strongly Endorsed me for President, that I was strongly against the EV Mandate,” Trump wrote on Truth Social shortly after midnight Tuesday.

“It is ridiculous, and was always a major part of my campaign. Electric cars are fine, but not everyone should be forced to own one,” he continued.

“Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa,” the president added. “No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE.”

Read the latest about Trump and Musk's feud here and here.

Welcome to The Hill’s Technology newsletter, I'm  Julia Shapero — tracking the latest moves from Capitol Hill to Silicon Valley.

Did someone forward you this newsletter? Subscribe here.

Essential Reads 

How policy will be impacting the tech sector now and in the future:

Judge rejects Apple’s bid to dismiss DOJ antitrust case

Tesla shares slump in early trading as Musk-Trump feud reignites

Utah accuses Snapchat of designing algorithm addictive to children

Greene touts removal of AI provision from GOP megabill as ‘huge win for federalism’

The Refresh 

News we've flagged from the intersection of tech and other topics:

Crypto Corner 

Circle applies for national bank charter

© AP

Welcome to Crypto Corner, a daily feature focused on digital currency and its outlook in Washington.

Stablecoin issuer Circle is hoping to secure a national bank charter, as Congress moves closer to passing federal regulations for the dollar-backed digital tokens.

The crypto firm announced Monday that it has applied to the Office of the Comptroller of the Currency (OCC) to establish a national trust bank called First National Digital Currency Bank, N.A. 

It would follow in the footsteps of Anchorage Digital, which is currently the only crypto firm to have secured such a charter.

“Establishing a national digital currency trust bank of this kind marks a significant milestone in our goal to build an internet financial system that is transparent, efficient and accessible,” Circle co-founder, chairman and CEO Jeremy Allaire said in a statement.

The company said in a press release that the move would strengthen the infrastructure that supports its stablecoin USDC and allow the firm to hold digital assets for institutional customers.

It would also help the stablecoin issuer meet requirements laid out in the GENIUS Act, which seeks to establish a regulatory framework for payment stablecoins.

The legislation passed the Senate last month but has yet to be taken up by the House. 

President Trump has urged House lawmakers to quickly get the bill across the finish line and to his desk, stymeing efforts to tie the stablecoin legislation to a broader crypto framework.

House lawmakers have suggested they plan to consider crypto legislation next week, after Congress wraps up its work on Trump's tax and spending bill.

In Other News 

Branch out with other reads on The Hill:

Homan: DOJ needs to ‘look’ at CNN’s ICE reporting

Tom Homan, President Trump’s border czar, criticized CNN for its reporting on a new app that allows users to track and try to avoid immigration officials in response to heightened Immigration and Customs Enforcement (ICE) raids across the country. “It’s disgusting,” Homan said during an appearance on right-wing commentator Benny Johnson’s internet show. “I can’t believe we live in a …

What Others are Reading 

Two key stories on The Hill right now:

5 takeaways as Senate ships Trump’s megabill to House

Senate Republicans endured a 26-hour slog before finally passing President Trump’s ambitious tax and spending package early Tuesday afternoon, putting … Read more

House conservatives threaten floor revolt over Trump megabill

A handful of hard-line House conservatives are threatening to tank a Wednesday procedural vote for the party’s reconciliation bill, a revolt that would … Read more