Elon Musk and Vivek Ramaswamy Target $2 Trillion in Federal Spending Cuts Through New Efficiency Initiative

The Trump-appointed Department of Government Efficiency (DOGE) is evaluating reductions across federal agencies, including the Pentagon, IRS, and CFPB, with plans to streamline operations by 2026.

• DOGE, co-led by Elon Musk and Vivek Ramaswamy, aims to cut $2 trillion in federal spending, focusing on agencies like the Department of Education, IRS, and the Consumer Financial Protection Bureau (CFPB).
• Proposed measures include eliminating 'unauthorized' programs, reducing administrative staff, and relocating federal agencies to minimize costs.
• The Pentagon's nearly $1 trillion budget is under review for potential cuts, though Musk's SpaceX holds significant federal contracts with the agency.
• DOGE has floated simplifying the tax code, potentially introducing a flat tax system, though such changes would require Congressional approval.
• The initiative faces skepticism over its ability to implement cuts without Congressional support, with a July 4, 2026 deadline set for completing the proposed overhaul.

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Forbes Zeteo Benzinga