We already have a new political party. It's MAGA, and it's cannibalized the so-called 'conservatives' who were fed up with typical Republicans, so they launched an invasion of the body snatchers and primaried all the old school republicans that didn't bend to the new regime.
The only way forward now is for the old school republicans and liberal left to find some common ground and unite as one great opposition party to the overtly corrupt, lawless and criminal insurrection that's taking place before our eyes.