President Donald Trump had nothing but praise for tech billionaire Elon Musk for his work with cutting federal spending.
Speaking to Sean Hannity of Fox News, Trump said he believes Musk will identify $1 trillion in budget cuts to the federal government spending, after DOGE determined on Tuesday it has already found $55 billion in savings over the past month.
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“As good as they are, they’re not going to find some contract that was crooked, you know crooked as hell. And I mean this going to be so much that isn’t found. But, what is that I think he’s going to find $1 trillion,” Trump said.
“Yeah, I think so,” Musk agreed.
The Department of Government Efficiency (DOGE), led by Elon Musk, has been making significant cuts across federal agencies in an effort to reduce government spending. The cuts affect agencies such as the IRS, NIH, FAA, and the Department of Education.
DOGE claims to have saved approximately $55 billion through measures like fraud detection, contract cancellations, and workforce reductions. While these savings are notable, they represent only a small fraction of the $6.7 trillion federal budget.
These cuts have sparked controversy, with critics arguing that they disproportionately target agencies disliked by conservatives and may harm critical government functions. For example, the FAA has faced layoffs, raising concerns about air safety amid staff shortages.
Additionally, some people worry that DOGE’s cost-cutting approach exceeds constitutional boundaries. Despite the criticism, DOGE has continued with its efforts and received support from certain Republicans who applaud the reductions as a necessary step for efficiency.
The owner of SpaceX and Tesla that enjoys several government subsidies himself, said that his goal is to “try to get $1 trillion out of the deficit” and that he aims to pay down U.S. debt.
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“If the deficit is not brought under control, America will go bankrupt. This is a very important thing for people to understand. A country is no different from an individual in that if an individual overspends, an individual can go bankrupt. And so can a country and the massive waste, fraud and abuse that has been going on, which is leading to, a $2 trillion a year deficit, that’s, that’s what the president was handed on Jan 20th, a $2 trillion deficit. It’s insane,” Musk added.
Reportedly, the tech executive said in early January that he will “try for $2 trillion,” adding at the time, “I think that’s like the best case outcome.”