Musk's Ambitious Federal Spending Reform: Aiming for $2 Trillion Cuts

Elon Musk, chosen by President-elect Donald Trump to lead a government cost-cutting initiative, aims to reduce federal spending by $2 trillion. While Musk acknowledges the ambitious nature of this target, he believes a $1 trillion cut is attainable. The task force faces significant challenges, as key budget areas remain untouchable.

Elon Musk, designated by U.S. President-elect Donald Trump to spearhead a government cost-cutting effort, has set an ambitious goal: slash $2 trillion from the $6.8 trillion federal budget. Addressing the matter with political strategist Mark Penn, Musk suggested that halving the target to $1 trillion might be more feasible.

Musk, the wealthiest individual globally, leads Tesla and is appointed alongside former presidential candidate Vivek Ramaswamy to steer the Department of Government Efficiency, or DOGE. Their mission focuses on reducing federal spending and regulations, although achieving Musk's target poses challenges, as a significant portion of federal expenditures is safeguarded.

Meanwhile, President-elect Trump has initiated dialogues with congressional Republicans to establish a legislative path forward, primarily concerning tax reductions and immigration control. Despite these efforts, lawmakers currently struggle to agree on specifics.

(With inputs from agencies.)