Musk has been appointed to co-head a new Department of Government Efficiency by Trump. The world's richest person and owner of social media site X said at a Trump rally at Madison Square Garden in October the federal budget could be reduced by "at least" $2 trillion.
According to official figures from the US Treasury, the US government spent $6.75 trillion in the financial year 2024 (from October 2023 to September 2024). In percentage terms, a $2 trillion cut, therefore, will shave off 32 per cent of the US government's annual spending.
This story is from the November 15, 2024 edition of Business Standard.
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This story is from the November 15, 2024 edition of Business Standard.
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