Elon Musk leads efforts to cut $2 trillion from federal budget, potentially targeting Social Security/Medicare

From Nasdaq: 2025-02-11 04:45:00

Elon Musk appears on the cover of Time magazine in a doctored image, suggesting his influence in the White House. As the world’s richest man and CEO of Tesla and SpaceX, Musk is leading efforts to cut federal spending, potentially targeting Social Security and Medicare.

Musk supported Trump’s campaign and donated $281 million. Trump appointed Musk to lead a commission for financial audit and reforms, aiming to cut $2 trillion from the federal budget. Musk’s Department of Governmental Efficiency (DOGE) claims to save $1 billion per day.

Major federal budget items include 24% for health insurance programs, with Social Security and Medicare comprising large portions. While DOGE has made some cuts, Musk admits cutting $2 trillion will be challenging. Trump vowed not to cut Social Security or Medicare benefits during his campaign.

Potential cuts to Social Security and Medicare benefits by Musk’s DOGE team may face hurdles in Congress. Despite Musk’s influence, any legislation must pass through both chambers. Trump’s promise to protect Social Security and Medicare benefits adds another layer of complexity to potential cuts.



Read more at Nasdaq: President Trump Unleashed Elon Musk to Cut $2 Trillion From the Federal Budget. Could Social Security and Medicare Cuts Be on the Way?