Elon Musk Claims He Can Slash $2 Trillion from U.S. Federal Budget If Trump Wins
Tech entrepreneur Elon Musk recently made headlines with a bold claim: he believes he can trim approximately $2 trillion from the United States federal budget, according to a Bloomberg report. Musk voiced his ambitious goal during a rally in support of former President Donald Trump’s 2024 campaign. He projected “significant government spending cuts” should Trump return to the White House this November.
This $2 trillion figure, Musk stated, would account for nearly a third of the current federal expenditure. The U.S. government allocated $6.75 trillion in the 2024 fiscal year, according to the Treasury Department.
At a packed rally at Madison Square Garden in New York City, Musk addressed supporters, advocating for a leaner government. “Your money is being wasted,” he asserted, adding, “We’re going to get the government off your back and out of your pocketbook.”
When asked by Cantor Fitzgerald’s CEO Howard Lutnick about the potential scale of budget cuts under a Trump administration, Musk replied, “I think we can do at least $2 trillion.”
Trump himself has pledged to tackle the federal debt, a key talking point in his campaign and a source of criticism directed at the Biden administration. He proposed abolishing income taxes, suggesting instead a tariff-based system—an approach that economists warn could have significant economic repercussions.
In an unconventional move, Trump has indicated that, if re-elected, he would assign Musk to lead a newly proposed “Department of Government Efficiency,” or DOGE—an acronym that coincidentally references the cryptocurrency Musk has promoted on social media.
However, Musk’s potential role has raised ethical concerns, as his companies, Tesla and SpaceX, hold extensive federal contracts and have benefited from government tax credits and infrastructure funding. Bloomberg reports that Musk has contributed at least $132 million toward electing Trump and other Republican candidates, propelling him into the “upper echelon” of Republican donors this election cycle.
