US Treasury Department reports or Congressional Budget Office publications

Elon Musk Lowers DOGE Budget Cut Target to $1 Trillion, Aims for No Inflation

Jan 9, 2025, 02:44 PM

Elon Musk, co-head of the Department of Government Efficiency (DOGE), has backtracked on his initial promise to cut $2 trillion from the federal budget. In a recent interview, Musk described the $2 trillion target as a 'best-case outcome' and suggested that achieving half that amount, or $1 trillion, would be more realistic. He emphasized that cutting the budget deficit from $2 trillion to $1 trillion could lead to economic growth without inflation, which he referred to as an 'epic outcome.' Musk, alongside Vivek Ramaswamy, leads DOGE, an advisory body created by President-elect Donald Trump to recommend ways to reduce federal spending. However, DOGE has no official authority to implement these cuts directly.