Musk wants $2 trillion of spending cuts. Here’s why that’s hard.
3 weeks, 6 days ago

Musk wants $2 trillion of spending cuts. Here’s why that’s hard.

Live Mint  

The U.S. federal government spent $6.75 trillion in the most recent fiscal year ended Sept. 30, according to the Congressional Budget Office. Elon Musk has been tasked alongside biotech company founder Vivek Ramaswamy with leading President-elect Donald Trump’s effort to reduce this government spending through the new Department of Government Efficiency. Social Security benefits cost the government $1.45 trillion in the most recent fiscal year, according to CBO estimates published this month. U.S. government receipts this past year, or what it took in from individual income taxes, payroll taxes, corporate income taxes and other sources, came to $4.92 trillion, according to the CBO.

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History of this topic

'President Musk' trends after Trump's top oligarch torpedoes federal spending deal
4 days, 4 hours ago

'President Musk' trends after Trump's top oligarch torpedoes federal spending deal

Raw Story  

Congress is careening toward a government shutdown after U.S. President-elect Trump, egged on by billionaire Elon Musk—who helped bankroll Trump's reelection campaign and is slated to help oversee cuts to government spending and regulation in the new administration—torpedoed a federal spending bill that would have kept the government open for the next few months. These sorts of remarks continued Thursday, …

Rand Paul: 'You don't get close' to Musk's spending cut goals without key social programs
2 weeks, 2 days ago

Rand Paul: 'You don't get close' to Musk's spending cut goals without key social programs

Raw Story  

Sen. Rand Paul said Friday evening on Fox News what many have thought: President-elect Donald Trump's initiative for massive government spending cuts must go after major social programs to work. Proposing cuts to Social Security and Medicare, America's flagship basic income and health insurance programs for retirees, is generally considered a third rail in American politics. But Paul is likely …

Musk and Ramaswamy's DOGE echoes past budget promises that faced big hurdles
2 weeks, 2 days ago

Musk and Ramaswamy's DOGE echoes past budget promises that faced big hurdles

NPR  

Musk and Ramaswamy's DOGE echoes past budget promises that faced big hurdles toggle caption Roberto Schmidt/AFP via Getty Images Elon Musk and Vivek Ramaswamy test drove their new Department of Government Efficiency, or DOGE, on Capitol Hill this week, visiting House and Senate Republicans, who celebrated their promise of reduced government and dramatically lower federal spending. Even the Senate Budget …

'Nothing is sacrosanct': GOP floats Social Security cuts after Musk Capitol Hill visit
2 weeks, 3 days ago

'Nothing is sacrosanct': GOP floats Social Security cuts after Musk Capitol Hill visit

Raw Story  

Republican lawmakers on Thursday signaled a willingness to target Social Security and other mandatory programs after meeting with Elon Musk and Vivek Ramaswamy, the billionaire pair President-elect Donald Trump chose to lead a new commission tasked with slashing federal spending and regulations. After airing Norman's remarks, Fox Business reported that Musk and Ramaswamy told lawmakers that no federal program is …

GOP lawmakers try to draft DOGE leaders to their side of the spending war
2 weeks, 4 days ago

GOP lawmakers try to draft DOGE leaders to their side of the spending war

Politico  

“They’re just gonna have to shame my colleagues into cutting spending,” Massie said of Musk and Ramaswamy. Roy said he told the duo during the GOP’s widely attended meeting Thursday afternoon that “you’re looking for the problem, and the problem’s in that room.” “They’re just gonna have to shame my colleagues into cutting spending.” Rep. Thomas Massie said of Musk …

'Chomping at the bit': Analyst claims Republican just showed rush to slash Social Security
2 weeks, 6 days ago

'Chomping at the bit': Analyst claims Republican just showed rush to slash Social Security

Raw Story  

Republicans are already revealing their eagerness to cut earned benefits for millions of Americans, if one House Republican is to be believed. In a recent interview with Fox Business host Maria Bartiromo, Rep. Richard McCormick said that he aims to convince his fellow lawmakers that "hard decisions" need to be made about Social Security, Medicare and Medicaid if his party …

Bernie Sanders admits 'Musk is right' to shrink federal government
3 weeks ago

Bernie Sanders admits 'Musk is right' to shrink federal government

Daily Mail  

Tesla CEO Elon Musk received unexpected support for his plans to shrink the federal government - from Democratic Socialist Bernie Sanders. The Vermont senator, who twice came in second place for the Democratic nomination for president, praised Musk's plans to reign in defense spending, saying: 'Elon Musk is right.' But Sanders is not the first Democrat who has expressed support …

'Almost impossible': Fact-checker says Elon Musk's math does not add up
3 weeks, 6 days ago

'Almost impossible': Fact-checker says Elon Musk's math does not add up

Raw Story  

Tech billionaire Elon Musk has promised to slash government waste and inefficiency and balance the budget through his Trump-approved independent task force known as the Department of Government Efficiency, or DOGE — named after an internet meme. But many of their examples of government waste are misleading, wrote Glenn Kessler for The Washington Post Fact-Checker — and worse, the simple …

Elon Musk's budget-cutting promises defy arithmetic
4 weeks, 1 day ago

Elon Musk's budget-cutting promises defy arithmetic

LA Times  

President-elect Donald Trump’s designated debt-busters, Elon Musk and Vivek Ramaswamy, last week wrote an op-ed in the Wall Street Journal providing the fullest accounting yet of their plans to cut “waste, fraud and abuse” — that most well-worn and oft-broken of political promises. Indeed, an omission from the dynamic duo’s piece suggests that they — and Trump — may have …

Elon Musk and Vivek Ramaswamy’s ‘budget cuts’ could spark constitutional clash in Trump presidency: Report
1 month ago

Elon Musk and Vivek Ramaswamy’s ‘budget cuts’ could spark constitutional clash in Trump presidency: Report

Live Mint  

When Elon Musk first proposed a new initiative to reduce the size of government, Donald Trump didn’t seem to take it seriously. His eventual name for the idea But now that Trump has won the election, Musk's fantasy is becoming reality, with the potential to spark a constitutional clash over the balance of power in Washington, reported AP, citing Elon …

Elon Musk cutting $2 trillion of US spending is not good for markets: Expert
1 month, 1 week ago

Elon Musk cutting $2 trillion of US spending is not good for markets: Expert

Hindustan Times  

Elon Musk's plans to cut US spending by $2 trillion under the Trump 2.0 administration will strengthen the dollar and be negative for markets, Christopher Wood, global head of equity strategy at Jefferies said in a television interview on Thursday. Musk, one of Donald Trump's largest endorsers, has now been appointed to co-head the new Department of Government Efficiency for …

Elon Musk’s ‘crazy’ plan to rip $2 trillion out of America
1 month, 2 weeks ago

Elon Musk’s ‘crazy’ plan to rip $2 trillion out of America

The Telegraph  

Dressed all in black, Elon Musk let out a roar. At last week’s Madison Square Garden rally, the billionaire pointed to his black “Make America Great Again” cap proclaiming: “I am dark, gothic Maga.” Once a self-described “socialist”, Musk has emerged as one of Donald Trump’s most prominent and strident supporters in the final few weeks of the US election …

Musk's Spending Cuts Plan: A Call for Fiscal Responsibility
1 month, 3 weeks ago

Musk's Spending Cuts Plan: A Call for Fiscal Responsibility

Live Mint  

Elon Musk outlines his plans to reduce federal spending if Donald Trump is re-elected. Musk proposes drastic budget cuts, aiming to eliminate $2 trillion from the budget and ensure long-term economic prosperity. He emphasizes the need for fiscal responsibility and believes that everyone will have to take a haircut to achieve this goal.

Donald Trump Claims 'Nobody's Going To Feel It' When Elon Musk Slashes Government
1 month, 3 weeks ago

Donald Trump Claims 'Nobody's Going To Feel It' When Elon Musk Slashes Government

Huff Post  

LOADING ERROR LOADING Former President Donald Trump confirmed Tuesday that he’d consider giving billionaire Elon Musk a role slashing the federal government if he returns to the White House next year. Musk, one of Trump’s biggest financial backers, has said that he would subtract trillions from federal spending — and said the cuts would result in “some temporary hardship” for …

Elon Musk Says Trump Will Bring 'Temporary Hardship' For Americans
1 month, 3 weeks ago

Elon Musk Says Trump Will Bring 'Temporary Hardship' For Americans

Huff Post  

LOADING ERROR LOADING Former President Donald Trump’s biggest financial backer and top campaign surrogate, Tesla CEO Elon Musk, says he and Trump plan to inflict “temporary hardship” on American citizens if the Republican nominee wins the White House in November. Musk, the tech billionaire who has spent more than $130 million backing Trump and regularly spreads racist conspiracy theories about …

Elon Musk Has New Idea For Donald Trump: Giant Budget Cuts
1 month, 3 weeks ago

Elon Musk Has New Idea For Donald Trump: Giant Budget Cuts

Huff Post  

LOADING ERROR LOADING During Donald Trump’s rally at Madison Square Garden on Sunday, campaign surrogate Elon Musk pitched an eyebrow-raising $2 trillion budget cut. Trump has promoted Musk as someone who could identify wasteful federal spending, but a $2 trillion cut would amount to almost a third of the budget and crush a range of popular programs ― especially if …

Musk's plan to tackle government debt with AI may have some merit, says ALEX BRUMMER
2 months ago

Musk's plan to tackle government debt with AI may have some merit, says ALEX BRUMMER

Daily Mail  

There is a long and curious practice in US elections of ‘walking around money’. Debt buster: Tesla, Space X and X tycoon Elon Musk said that if Donald Trump is elected president, he would support a new 'Department of Efficiency' Musk is campaigning for the Republican candidate on a manifesto of cutting government spending. Data from the US Congressional Budget …

Trump's plan would add $4 trillion more to U.S. debt compared to Harris', analysis says
2 months, 2 weeks ago

Trump's plan would add $4 trillion more to U.S. debt compared to Harris', analysis says

NPR  

Trump's plan would add $4 trillion more to U.S. debt compared to Harris', analysis says toggle caption Saul Loeb/AFP via Getty Images With less than a month left until Election Day, both the Harris and Trump campaigns have presented their economic visions to the American people — including proposed tax cuts, border security spending and affordable housing policies. Trump's estimated …

Congressional Budget Office raises this year’s federal budget deficit projection by $400 billion
6 months ago

Congressional Budget Office raises this year’s federal budget deficit projection by $400 billion

Associated Press  

WASHINGTON — The Congressional Budget Office said Tuesday that it projects this year’s federal budget deficit to be $400 billion higher, a 27% increase compared to its original estimate released in February. White House spokeswoman Karine Jean-Pierre, said in a statement that the report “is further evidence of the need for Congress to pass President Biden’s Budget to reduce the …

GOP taking budget advice from Trump official who wants to cut $2 trillion from Medicaid
1 year, 10 months ago

GOP taking budget advice from Trump official who wants to cut $2 trillion from Medicaid

Salon  

This article originally appeared at Common Dreams. The right-wing official who served as budget director for the Trump administration is reportedly playing a significant advisory role for House Republicans as they seek to leverage a fast-approaching debt ceiling crisis to enact spending cuts that would disproportionately impact low-income households. According toThe Washington Post, former Office of Management and Budget chief …

'Need to stop Biden's excess spending': Trump warns Republicans to avoid cuts to medicare, social security
1 year, 11 months ago

'Need to stop Biden's excess spending': Trump warns Republicans to avoid cuts to medicare, social security

India Today  

Former US President Donald Trump, who launched his 2024 presidential re-election bid in November, on Friday urged Republicans in Congress not to cut “a single penny” from medicare or social security. He warned his fellow Republicans not to "destroy" federal retirement and health benefits as they try to exact spending cuts from President Joe Biden and his Democratic allies in …

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