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Elon Musk Is Looking To Cut Government Spending. Here's What The US Spends Money On Right Now
Trump selected Elon Musk and Vivek Ramaswamy to identify areas to cut government spending. The US spends the most on Social Security.
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The Lede
President-elect Donald Trump has chosen his picks to help cut government spending. Areas like transportation and education could face heightened scrutiny. On Tuesday, Trump selected Tesla CEO Elon Musk and former GOP presidential candidate Vivek Ramaswamy to co-lead a new Department of Government Efficiency, or DOGE — an acronym that matches a dog-themed meme that Musk has frequently referenced.
Key Details
- The department does not currently exist as a government agency, so Musk and Ramaswamy's role would likely entail offering advice to Trump on areas to cut spending.
- Data from the Treasury Department shows that the government spent $6.75 trillion in fiscal year 2024, resulting in a deficit.
- Social Security accounted for $1.46 trillion of the spending, health accounted for $912 billion, and Medicare made up $874 billion of the government spending over the past year.
