'It's essential': Elon Musk says US will go 'bankrupt' without budget cuts
WORLD | TRENDING | Elon Musk warned on Tuesday (Feb 11) that the United States (US) will go "bankrupt" without the drastic budget cuts. The billionaire is leading the charge to cut federal spending under the Donald Trump administration.
Elon Musk warned on Tuesday (Feb 11) that the United States (US) will go "bankrupt" without drastic budget cuts. The billionaire is leading the charge to cut federal spending under the Donald Trump administration. Speaking with the US president at the White House in the Oval Office, the chief of DOGE (Department of Government Efficiency) said the reduction of government expenses is not an option but rather a necessity.
Also read: Trump grants Musk veto power over federal hirings, orders agencies to comply with DOGE directives
"It's not optional. It's essential," Trump said.
Musk has been assigned to oversee the cost-cutting efforts via his newly formed department under Trump's second term in the White House. Musk slammed the federal bureaucracy and called it an "unelected, unconstitutional branch of government". He accused that the branch holds more power than elected representatives in the US administration.
This came as Trump signed an executive order in the Oval Office making it mandatory for federal agencies to follow DOGE's directives. The move is intended to reduce the size of the federal workforce, something Musk has long advocated for.
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Under the new order by Trump, the federal agencies will now be permitted to hire only one employee for every four that leave the branch. And to hire that single employee as well, the top executives of the agency will have to consult DOGE first.
Also read: Elon Musk offers to buy OpenAI for nearly $100bn, Sam Altman says would rather buy 'Twitter' for...
Musk highlighted the budget deficit of America, which reached $1.8 trillion in 2024. He warned against the rising interest payments on national debt.
Although the Tesla CEO, who also owns SpaceX and X (formerly Twitter), denied any sort of concerns over potential conflicts of interest within the administration, critics said that since Musk's companies have secured billions in government contracts, his involvement in cost-cutting decisions within the US administration is something to be worried about.
Also read: ‘Gross insubordination’: Musk claims FEMA sent $59mn to luxury hotels to ‘house illegal migrants’
(With inputs from agencies)
