Elon Musk, the world's richest person, has adjusted his goal for cutting the federal budget. Initially, he aimed for a massive $2 trillion reduction, but now he thinks achieving half of that, $1 trillion, would be a significant win. Musk, who is part of the Department of Government Efficiency (DOGE), believes this could help control inflation by balancing the economy's growth with the money supply. He acknowledges that it's tough for people to care about spending other people's money, even if there are dedicated officials trying to do so effectively.

Budget experts are skeptical about Musk's new target, given the federal budget is around $6. 8 trillion. DOGE, co-led by Vivek Ramaswamy, doesn't have direct power to make cuts. However, Musk's influence is notable, as seen when he helped derail a bipartisan spending deal last month. Many lawmakers, both Republicans and Democrats, support DOGE's mission to streamline the government.

In an interview, Musk also criticized federal regulations, stating they often make large projects impossible due to excessive paperwork and delays. He believes DOGE should focus on eliminating regulations where the harm outweighs the benefits.

Elon Musk's New Budget Target: Half the Ambition, Still Big

Actions