SpaceX and Tesla billionaire Elon Musk, who also happens to be one of the co-leaders of an upcoming government project aimed at slashing government waste, made an admission this week regarding his ambitions.

Musk had promised on the campaign trail for President-elect Donald Trump that the Department of Government Efficiency (DOGE) could cut the United State's annual budget of $6.75 trillion by $2 trillion.

According to the New York Post, Musk recently walked the claim back to some degree, admitting that the number probably won't go that low, only that it was a "best-case outcome."

In his latest assessment, Musk said that there might only be a "good shot" at getting halfway to that number.

What did he say?

Musk's latest thoughts on the situation came via an X Spaces chat with Stagwell CEO Mark Penn. Musk talked numbers and said the $2 trillion might not be attainable.

"I think we’ll try for $2 trillion, I think that’s like the best-case outcome,” Musk told Penn. "If you try for $2 trillion you have a good shot at getting $1 [trillion]."

Musk added, "If we can drop the budget deficit from $2 trillion to $1 trillion and free up the economy to have additional growth, such that the output of goods and services keeps pace with the increase in the money supply, then there will be no inflation."

The New York Post noted:

During fiscal year 2024, the federal government was estimated to have spent some $6.75 trillion. Of that, discretionary outlays, such as on the US military, accounted for over $1.6 trillion.

The rest was mandatory spending — including entitlements like Social Security, Medicare, and Medicaid as well as interest on debt.

"So that, I think, would be an epic outcome," Musk continued.

He will run DOGE with tech billionaire and former presidential candidate Vivek Ramaswamy. Together, the two have vowed to lay waste to government waste under the umbrella of the unofficial government department.

DOGE goals

The department will reportedly serve in an advisory role to the White House Office of Management and Budget.

It was noted that DOGE will also likely collaborate with members of Congress. It will also likely test the limits of the president's executive powers.

Whether DOGE trims the budget by $2 trillion or even half of that, it's one heck of a start in the right direction.

Let's just hope they can pull it off without too much resistance from the left.