Tesla and SpaceX CEO Elon Musk, left, and president-elect President Donald Trump attend a campaign event at the Butler Farm Show, Oct. 5, 2024, in Butler, Pa. (AP Photo/Alex Brandon, File)
WASHINGTON, United States — Elon Musk, who has been tasked by US President-elect Donald Trump to lead a government efficiency commission, has acknowledged his goal of slashing federal spending would be tricky — now eyeing $1 trillion in cuts, half his original goal.
On Trump’s campaign trail, Musk vowed to lower federal spending by $2 trillion, a whopping 30 percent cut from 2024.
Article continues after this advertisementBut the world’s richest person said in a discussion streamed online Wednesday evening: “We’ll try for $2 trillion. I think that’s like the best-case outcome.”
FEATURED STORIES GLOBALNATION A surreal finish to Donald Trump’s historic criminal trial GLOBALNATION Ukraine says questioning POWs it claims are North Koreans GLOBALNATION PH to open 4 foreign missions in N. America, Asia Pacific in 2025“If we try for $2 trillion, we’ve got a good shot at getting one,” he added, while speaking with political strategist Mark Penn.
Musk, who is one of Trump’s closest allies, was named head of a newly created Department of Government Efficiency — dubbed DOGE — along with businessman Vivek Ramaswamy after last year’s election. Neither of them has experience in government.
Article continues after this advertisementAlthough the office has an advisory role, Musk’s star power and strong influence in Trump’s inner circle bring political clout.
The group said Thursday its Meralco Industrial Engineering Services Corporation (MIESCOR) inked an agreement with Terra Solar Philippines, Inc. (TSPI), where the former is tasked to design and construct the infrastructure that would link the plant to the grid.
By the closing bell, the Philippine Stock Exchange Index (PSEi) shed 0.41 percent, or 30.44 points, to 7,428.30.
Article continues after this advertisementMusk’s goal was to cut $2 trillion goal in spending from the government’s $6.8 trillion budget.
Article continues after this advertisementBut this almost certainly meant the devastation of social support programs, something that has never garnered strong political backing.
Around two-thirds of federal spending goes towards programs that Trump would not be able to cut, or those he has pledged not to, including Social Security and Medicare.
Article continues after this advertisementOn Wednesday evening, Musk also suggested lowering the budget deficit from around $2 trillion to $1 trillion.
100 free spins no depositMusk and Ramaswamy have said they can identify billions of dollars of spending cuts, sparking questions about whether Republicans might attempt to slash politically popular social security programs.
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