Musk acknowledges $2 trillion spending cut goal a long shot
The HinduElon Musk, who U.S. President-elect Donald Trump has tapped to oversee a government cost-cutting effort, acknowledged that his declared goal of cutting $2 trillion in spending from the $6.8 trillion federal budget would be a long shot. "I think if we try for 2 trillion, we've got a good shot at getting 1," Mr. Musk, the world's richest person, said in a discussion on Wednesday with Mark Penn, a political strategist and former pollster. Mr. Trump named Tesla CEO Musk and former presidential candidate Vivek Ramaswamy to lead an outside task force called the Department of Government Efficiency, or DOGE, to focus on cutting federal spending and regulations to improve government efficiency. Achieving Mr. Musk's goal will be challenging given that about two-thirds of existing federal spending goes to programs that Trump has either promised not to cut or would be unable to cut - including the Social Security and Medicare programs for retirees, defense and veterans' benefits and interest payments on the nation's growing $36 trillion debt pile.