Elon Musk is set to visit the Capitol this Thursday to fuel congressional support for his bold initiative aimed at reducing the federal budget by a minimum of $2 trillion, Bloomberg News reported.
This level of budget reduction would be the most significant the United States has seen since the post-World War II era.
Musk, in collaboration with Vivek Ramaswamy, a former Republican presidential candidate, has scheduled meetings with various lawmaker groups.
Furthermore, they will hold a session open to all Republican House members, as announced by GOP Representative Marjorie Taylor Greene. Greene is also leading a newly formed House subcommittee dedicated to this fiscal endeavor.
As the world’s wealthiest individual and a prominent supporter of President-elect Donald Trump, Musk has utilized his influence to promote what he has termed the “Department of Government Efficiency,” or “DOGE.”
The acronym humorously references the cryptocurrency Dogecoin, which Musk occasionally endorses. Despite the official-sounding name, the “DOGE” does not exist within the government framework, positioning Musk and Ramaswamy as external advisers.
Efforts by past presidents to curtail federal expenditures often hit roadblocks due to the diverse local interests represented by Congress members. However, many Republican legislators appear aligned with this major campaign promise of Trump’s.
On Wednesday, Greene expressed optimism about the initiative, framing it as a significant achievement for American citizens.
Musk, who has increasingly become a close confidant of Trump, participates in discussions with foreign leaders, contributes to cabinet selections, and holds considerable sway with Republican members of Congress.
His goal to slash $2 trillion from the budget surpasses the total annual congressional spending on government operations, including defense.
Achieving such a target would likely necessitate substantial reductions to well-supported entitlement programs like Social Security, Medicare, Medicaid, and veterans’ benefits.
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Source: Economy - investing.com
