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Musk Appears to Significantly Drop Cost-Cutting Target

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“While stumping for Donald Trump during the 2024 presidential campaign, Elon Musk said he could cut $2 trillion from the federal budget. After Mr. Trump took office and placed Mr. Musk in charge of the budget-slashing so-called Department of Government Efficiency, Mr. Musk lowered that projection by half, to $1 trillion in the upcoming fiscal year,” the New York Times reports.

“In a cabinet meeting on Thursday, Mr. Musk appeared to set his group’s goal lower still.”

Said Musk: “I’m excited to announce that we anticipate savings in ’26 from reduction of waste and fraud by $150 billion.”

Elliot Morris: “Real federal spending is higher in 2025 so far than in past years, and DOGE is making it harder to raise revenue.”

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About Political Wire

goddard-bw-snapshotTaegan Goddard is the founder of Political Wire, one of the earliest and most influential political web sites. He also runs Political Job Hunt, Electoral Vote Map and the Political Dictionary.

Goddard spent more than a decade as managing director and chief operating officer of a prominent investment firm in New York City. Previously, he was a policy adviser to a U.S. Senator and Governor.

Goddard is also co-author of You Won - Now What? (Scribner, 1998), a political management book hailed by prominent journalists and politicians from both parties. In addition, Goddard's essays on politics and public policy have appeared in dozens of newspapers across the country.

Goddard earned degrees from Vassar College and Harvard University. He lives in New York with his wife and three sons.

Goddard is the owner of Goddard Media LLC.

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