Elon Musk says DOGE may not cut $2 trillion federal budget | Real Time Headlines

Tech billionaire Elon Musk said Wednesday that his budget-cutting efforts on behalf of President-elect Donald Trump will likely not save $2 trillion, reversing previous claims. The goal he set before Serves as co-lead of new consulting agency Department of Government Effectiveness (DOGE).

Musk told political strategist Mark Penn Interview aired by The $2 trillion figure is a “best-case scenario” and he sees only a “good chance” of cutting it in half.

Musk’s lowered expectations were significantly lower than his previous view. On October 27, at a Trump rally at Madison Square Garden in New York, Musk said he would be able to cut the federal budget “At least $2 trillion”.

This figure was quickly dismissed incredible Budget experts say the entire discretionary budget is only $1.7 trillion. Musk didn’t get people to give up the number until Wednesday, and it’s been that way all along widely cited in report About DOGE’s plans.

Musk co-led DOGE’s budget cuts with former Republican presidential candidate Vivek Ramaswamy, Trump named Reference internet meme. The advisory group, which has no official authority, is expected to make recommendations to the White House after Trump is sworn in for a second term.

The Trump transition team did not immediately respond to a request for comment on Musk’s latest estimate.

Experts say Musk and Ramaswamy need to propose spending cuts Mandatory programs such as Medicaida health care program for the poor, Achieve significant savings. Musk himself has warned of cuts Might mean “difficult” to some.

Payne, a former adviser to President Bill Clinton, noted that Clinton could Balance the federal budget Toward the end of his tenure in the White House, he asked Musk about his plans.

“Now that you’ve looked at the number more closely, do you think $2 trillion is a realistic number?” he asked.

“I think we’re going to try $2 trillion. I think that’s the best outcome,” Musk said. “But I do think you have to have some excess. I think if we try $2 trillion, we have a good chance of getting to $1 trillion,” he said, which would mean $1 trillion in spending cuts.

However, Musk refused to admit early failure, saying he could still help Trump achieve “epic results.”

“If we can reduce the budget deficit from $2 trillion to $1 trillion and free up the economy for further growth so that the output of goods and services keeps pace with the growth of the money supply, there will be no inflation.

Payne also asked Musk if he had “identified some cuts that you’re really focused on that you think will be successful.” Musk didn’t reveal any specific cuts, but generally said it was a “very goal-rich money-saving environment.”