The CEO of Tesla Motors, Elon Musk believed that Donald Trump’s Presidency can result in cuts of up to $2 trillion from federal budget.
Musk suggested that there were certain areas where the spending of United States (US) government was unnecessary and could have been reduced.
The owner of X addressed at rally for Trump at Madison Square Garden in New York on Sunday, October 27, stating “Your money is being wasted, we’re going to get the government off your back and out of your pocket book.”
On the other hand, Trump has indicated that he would ask the tech billionaire to lead an initiative called the Department of Government Efficiency (DOGE) aimed at reducing government spending, and musk’s support for crypto currency.
According to US Treasury Department, the federal government spent $6.75 trillion in fiscal year 2024, with the $2 trillion target represented a third of that spending.
At the rally, Musk was questioned about how much he could “rip out of” the budget under President Joe Biden and Vice President Kamala Harris, he replied “Well, I think we can do at least $2 trillion, yeah.”
During the campaign, Trump also talked about reducing the federal debt without detailing specific program, but he has promised tax cuts for key voter group, which economist warned could increase the deficit.
It is pertinent to note that Elon Musk has spent around $132 million to elect Trump and many democrats in 2024, as per federal fillings.
