Tesla CEO Elon Musk revealed on Sunday during a Donald Trump rally held at Madison Square Garden that the proposed Department of Government Efficiency (DOGE), which he intends to lead, could slash federal spending by at least $2 trillion. The federal government’s expenditure in fiscal year 2024 has totaled $6.75 trillion, per the Treasury Department.

Cantor Fitzgerald CEO Howard Lutnick questioned Musk on the topic, asking: “When we set up DOGE, how much do you think we can rip out of this wasted $6.5 trillion Harris-Biden budget?” Musk responded confidently:

I think we can do at least two trillion.

Amid cheers from the crowd, Musk expanded on his answer: “At the end of the day, you’re being taxed … all government spending is taxation, whether it’s direct taxation or indirect through inflation. Your money is being wasted, and the Department of Government Efficiency is going to fix that.” He further stated:

We’re going to get the government off your back and out of your pocketbook.

“America’s not just going to be great. America is going to reach heights that it has never seen before. The future is going to be amazing,” Musk emphasized.

Musk has agreed to lead a government efficiency commission under Trump, dubbed “DOGE,” to conduct a financial and performance audit of the federal government, focused on budget reform. The billionaire has long criticized U.S. government spending, recently warning of a “fast track to bankruptcy” and citing rising national debt and interest payments that now exceed the defense budget as signs of an unsustainable financial trajectory. Should Donald Trump win the upcoming election, Musk’s leadership of DOGE could influence agencies that regulate Tesla and Spacex.

The Tesla CEO’s alignment with Trump has strengthened through campaign donations and public appearances. Recently, Musk launched a daily $1 million giveaway to encourage swing-state residents to sign an “America PAC” petition, promoting government reform and awareness of national issues. However, this initiative has drawn the Justice Department’s attention over potential legal violations. Despite this, Musk continues with the daily prize distribution as planned.

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