Elon Musk envisions $2T cuts with new efficiency department

Tesla CEO Elon Musk announced plans to lead the Department of Government Efficiency (DOGE), aiming to slash $2 trillion from federal spending. 

During a rally at Madison Square Garden alongside Donald Trump, Musk outlined his vision to reduce government expenditure and ease the tax burden on Americans. 

The federal government’s projected spending for 2024 stands at $6.75 trillion, according to the Treasury Department.

When asked by Cantor Fitzgerald CEO Howard Lutnick about potential budget cuts, Musk confidently replied, “I think we can do at least two trillion.” 

Amid applause, he elaborated, “At the end of the day, you’re being taxed … all government spending is taxation, whether it’s direct taxation or indirect through inflation. Your money is being wasted, and the Department of Government Efficiency is going to fix that.”

Musk emphasised his vision of a brighter future, stating, “America’s not just going to be great. America is going to reach heights that it has never seen before. The future is going to be amazing.”

Musk’s involvement with the Trump administration centers on auditing federal finances and implementing budget reforms through DOGE. 

He has been a vocal critic of government spending, recently warning of an unsustainable financial trajectory marked by rising national debt and increasing interest payments. 

Should Trump win the upcoming election, Musk’s leadership of DOGE could influence agencies regulating Tesla and SpaceX.

Musk’s alliance with Trump has grown through campaign contributions and public appearances. 

Recently, Musk launched a daily $1 million giveaway to incentivise residents of swing states to sign an “America PAC” petition, promoting government reforms and national awareness. 

However, this initiative has drawn scrutiny from the Justice Department over potential legal issues, but Musk remains committed to the daily prize distribution.