Musk admits $2 trillion spending cut goal is highly unlikely.

 

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WASHINGTON, Jan 9 (Reuters) - Elon Musk, chosen by U.S. President-elect Donald Trump to lead a government cost-cutting initiative, acknowledged that his ambitious goal of reducing $2 trillion from the $6.8 trillion federal budget is unlikely to be fully achieved.

"I think if we aim for $2 trillion, we've got a good chance of getting $1 trillion," said Musk, the world's richest person, during a discussion on Wednesday with political strategist and former pollster Mark Penn. He referred to the $2 trillion target as a "best-case outcome."

Trump appointed Musk, CEO of Tesla, along with former presidential candidate Vivek Ramaswamy, to head an independent task force known as the Department of Government Efficiency (DOGE). The group is tasked with reducing federal spending and regulations to improve government operations.

Reaching Musk's proposed goal will be particularly challenging, as roughly two-thirds of federal expenditures are allocated to programs that Trump has either pledged to preserve or lacks the authority to cut. These include Social Security, Medicare, defense, veterans' benefits, and interest payments on the growing $36 trillion national debt.

Meanwhile, Trump has begun meeting with congressional Republicans to strategize his legislative agenda, which includes tax cuts and stricter measures against illegal immigration. However, lawmakers have yet to agree on a clear path forward.

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