Can Elon Musk save $2 trillion for Donald Trump?
Donald Trump newest efficiency advisor, billionaire Elon Musk, wants to take at least $2 trillion off the top of the annual federal budget. Musk's budget-cutting dream came a step closer to reality when Trump named him and fellow tech billionaire Vivek Ramaswamy to lead an advisory council called the «Department of Government Efficiency (DOGE)» with a mission to suggest ways to «slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.»
The Tesla CEO and owner of social media platform X called for «at least $2 trillion» in budget cuts last month while speaking at a rally in New York.
A cut of that scale would be massive in relation to the size of the federal budget, which was $6.75 trillion in the most recent fiscal year ended September. Though Musk has not yet specified whether he would cut $2 trillion annually or over time.
This means Musk’s proposed cuts of $2 trillion would represent around a cut of around 30% of total federal government spending — also known as national spending in other countries, as per a BBC report.
ALSO READ: 'Terrified' Elon Musk warns US is currently headed for bankruptcy super fast, offers solution to fix it
Finance
A2Z Of Money
By — elearnmarkets, Financial Education by StockEdge
Data Science
MySQL for Beginners: Learn Data Science and Analytics Skills
By — Metla Sudha Sekhar, IT Specialist and Developer
Web Development
Django & PostgreSQL Mastery: Build Professional Web Applications
By — Metla Sudha Sekhar, IT Specialist and Developer
Artificial
