US President-elect Donald Trump has appointed Elon Musk and Vivek Ramaswamy as chairs of a task force aimed at overhauling the US government’s spending habits. The two entrepreneurs are calling for sweeping changes, including firing thousands of federal workers, slashing regulations, and eliminating expired programs.
Musk, CEO of Tesla and SpaceX, has set a target of $2 trillion in savings, although he did not provide details on how to achieve this goal. Ramaswamy, a former biotech executive, met separately with Senate Republicans, discussing possible administrative actions that do not require congressional approval.
Despite Republican control of both chambers of Congress and the White House next year, significant reductions may be challenging to secure. Lawmakers have struggled to agree on further spending cuts since 2023, and efforts to cut benefits for popular programs like Social Security and Medicare are likely to face fierce opposition.
The task force’s recommendations will need to be approved by Congress, raising concerns about potential conflicts of interest given Musk’s companies’ involvement in federal contracts and tax breaks. Nevertheless, the Republican lawmakers who met with Musk and Ramaswamy expressed openness to the idea, suggesting a possible trilateral effort to achieve cost-cutting goals.
The push for government efficiency comes as President Trump has taken a break from his previous stance on spending cuts, opting instead to preserve benefits for popular programs.
Source: https://www.reuters.com/world/us/elon-musk-brings-trumps-government-efficiency-push-capitol-hill-2024-12-05