Elon Musk said he plans to reduce $1 trillion in government spending by the end of May in a Thursday interview with Fox News’ Bret Baier on Special Report.
Musk stated that his Department of Government Efficiency is set to achieve these savings within 130 days from the start of Trump’s term on January 20.
Musk explained that the plan would involve cutting more than half of the $1.8 trillion spent on non-defense discretionary programs in 2024.
“I think we will accomplish most of the work required to reduce the deficit by a trillion dollars within that time frame,” he said.
The billionaire added that his aim is to cut 15% of the government’s annual spending, which totaled $6.75 trillion in fiscal year 2024. He confidently said that these reductions could be made without affecting any of the critical government services.
Musk, classified as a special government employee who is allowed to work only 130 days out of the year as a temporary federal worker, spoke of a sweeping reform effort.
DOGE is still far from reaching the $1 trillion target
The interview came just days after President Trump said he expected to be “satisfied” with DOGE’s cuts in the coming month or two.
Trump acknowledged that the overhauls led by DOGE are not “necessarily a very popular thing to do,” noting the political risks tied to such wide-ranging cuts.
Most of the federal government’s spending is allocated to mandatory programs such as Medicare and Social Security, where there is little room for reductions.
Musk has claimed that these programs are overrun with fraud and waste, though he did not provide supporting evidence for these assertions.In response, DOGE has deployed at least 10 staffers to the Social Security Administration to identify waste.
However, data shows that from 2015 through 2022, Social Security estimated nearly $72 billion in improper payments, which makes less than 1% of benefits paid, according to an inspector general report from last year.
The DOGE website, which has been criticized for errors and overstatements, currently lists about $22 billion in contract savings. The website also claims about $130 billion in overall cost reductions, although these figures are not itemized.
Musk has downplayed the effect of job cuts
Musk’s DOGE has also pushed a series of federal government layoffs that have been implemented in the past few weeks. While several agencies have announced workforce reductions, Musk dismissed the impact of these job cuts by saying that “almost no one’s gotten fired.”
Among the recent changes, the Department of Health and Human Services announced a cut of 10,000 jobs earlier on Thursday. In March the Education Department stated that it was reducing its workforce by half. Moreover, the Small Business Administration is cutting 43% of its workforce. The Department of Veterans Affairs has announced plans to layoff 80,000 workers, while the Treasury Department shared major cuts planned in a court filing.
DOGE’s efforts have also faced legal hurdles. This includes judges rejecting some of the proposed cuts and blocking Musk’s team from accessing certain systems and databases such as those at the Social Security Administration.
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