US Treasury spending is on track to increase by 7.4% in 2025 compared to last year. Despite Elon Musk’s pledge to cut government spending by $1 trillion, the administration’s spending appears to be gaining momentum.
Musk recently stated his goal of reducing the federal budget deficit by a trillion dollars through waste and fraud elimination. However, recent data suggests that US Treasury spending is unlikely to meet this target. The Trump administration’s spending seems to be on pace to surpass President Biden’s spending plans.
It remains to be seen how Musk’s plan will impact the country’s debt burden. While his proposal could potentially reduce the deficit in half, it is unclear whether the administration’s spending will continue to outpace expectations.
Source: https://www.marketwatch.com/story/despite-musks-claims-the-trump-administrations-spending-is-on-pace-to-surpass-bidens-levels-19cdf24c