Billionaire Elon Musk and entrepreneur Vivek Ramaswamy will lead a brand new Division of Authorities Effectivity tasked to “dismantle Authorities Forms, slash extra laws, minimize wasteful expenditures, and restructure Federal Companies,” President-elect Donald Trump introduced Tuesday.
On the marketing campaign path, Trump mentioned the federal government effectivity effort would develop a plan to get rid of “fraud and improper funds,” conducting a “full monetary and efficiency audit” of the federal authorities. On Tuesday, Trump mentioned the panel would associate with the White Home’s Workplace of Administration and Finances and mentioned their work will conclude no later than July 4, 2026 — the nation’s 250th anniversary.
Musk predicted he might minimize at the very least $2 trillion from the US federal finances at Trump’s rally final month at Madison Sq. Backyard, although that may exceed the quantity Congress spends yearly on authorities company operations, together with protection. It will probably require making important cuts to fashionable entitlement packages resembling Social Safety, Medicare, Medicaid and veterans’ advantages.
Final fiscal yr, the federal government spent greater than $6.75 trillion, with greater than $5.3 trillion of that coming from Social Safety, well being care, protection and veterans’ advantages — all of that are politically fraught and notoriously troublesome to persuade Congress to chop — in addition to curiosity on the debt.
“This may ship shockwaves via the system, and anybody concerned in Authorities waste, which is lots of people,” Musk mentioned Tuesday in a press release supplied by the Trump transition effort.
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