How Elon Musk's US government efficiency panel might work
Donald Trump has tasked Elon Musk with setting up a panel to streamline the U.S. government. Although the president-elect has said little about how this group would operate, Musk has previously set an ambitious goal of cutting $2 trillion of spending.
Here is how this new panel, which will be headed up by Musk, the world's richest person, and former Republican Presidential candidate Vivek Ramaswamy, might work.
What does Musk want to cut?
Musk said at a Trump rally at Madison Square Garden in October that the federal budget could be reduced by «at least» $2 trillion. Discretionary spending, including defense spending, is estimated to total $1.9 trillion out of $6.75 trillion in total federal outlays for fiscal 2024, according to the Congressional Budget Office, suggesting Musk's target would be very difficult to meet.
Musk, whose companies include the electric vehicle maker Tesla and commercial space company SpaceX, has a deep knowledge of the National Aeronautics and Space Administration and the Pentagon, agencies he has extensive contracts with for rockets, satellites and other space operations.
He has also tussled with regulators within the Department of Transportation, including the Federal Aviation Administration, which has a say in his company's rocket launches, and the National Highway Traffic Safety Administration, which is investigating autonomous driving functions in his cars.
Strategy
ESG and Business Sustainability Strategy
By — Vipul Arora, Partner, ESG & Climate Solutions at Sattva Consulting
