Elon Musk, who has been appointed by President-elect Donald Trump to co-lead the Department of Government Efficiency (DOGE), has adjusted his ambitious target for reducing federal spending. Musk initially aimed to cut at least $2 trillion from the federal budget but now considers achieving half that amount as 'an epic outcome.'
In an interview streamed on X, Musk expressed his belief that striving for a $2 trillion reduction could lead to a significant positive impact on the economy. He emphasized that even cutting the budget deficit from $2 trillion to $1 trillion could spur economic growth without causing inflation, which he described as an 'epic outcome.'
Musk highlighted the challenges of promoting efficient spending in the government, noting that the system often hinders officials who genuinely aim to spend money effectively. He emphasized the need for streamlining operations, reducing regulations, and trimming the workforce to achieve budgetary goals.
While Musk did not provide specific details on where the cuts would be made, he asserted that there are numerous opportunities for cost-saving measures within the federal government. He acknowledged the difficulty of garnering public interest in prudent spending practices, especially when it involves taxpayer money.
Despite Musk's ambitious plans, budget experts have expressed skepticism about the feasibility of eliminating $2 trillion from a budget that totals around $6.8 trillion. They argue that Musk's targets may be overly optimistic and unrealistic given the complexities of government spending and operations.
