Investing.com-- U.S. President Donald Trump and Tesla (NASDAQ:TSLA) CEO Elon Musk promised to substantially slash government spending when speaking in an interview with Fox News’ Sean Hannity aired on Tuesday evening.
Musk told Hannity that the goal of the Department of Government Efficiency, which he leads under the Trump administration, was trying to get at “a trillion dollars out of the deficit.”
Trump echoed the trillion dollar figure, but said that it would represent “one percent” of the alleged fraud and government waste he has consistently accused the government of fostering. He blamed this high spending largely on the Democrats.
“I think (Musk’s) going to find a trillion dollars, but I think it’s a very small percentage compared to what it is,” Trump said. It was not immediately clear when the interview was recorded.
Musk has promised at least $1 trillion in spending cuts by 2026, although he had earlier trimmed the figure from a promised $2 trillion.
The U.S. President promised that social security, medicare, or Medicaid will not be touched in government spending cuts.
“Social Security won’t be touched, other than fraud or something… we’re going to find it’s going to be strengthened, but won’t be touched,” Trump said.
Trump and Musk- who have been increasingly presenting a united front in recent appearances- downplayed concerns over conflicts of interest for Musk in his governmental duties and his private business interests.
DOGE, under Musk, has claimed to have found billions of dollars in unnecessary government spending, and has outlined funding cuts for USAID, as well as job cuts across a swathe of government agencies.
But critics have raised concerns over Musk gaining access to sensitive information, especially regarding social security payouts.
Trump has also outlined plans to dismantle the Department of Education. The moves are a part of Trump’s broader agenda to severely cut government spending and overhaul major agencies.