In a Fox News interview, President Trump and Elon Musk discussed the return of inflation and Trump's new role for Musk as leader of the Department of Government Efficiency. Musk, who aims to cut federal spending significantly, has already enacted staff cuts and funding freezes, resulting in lawsuits. Despite Trump's insistence that inflation is not his doing, he maintains pro-tariff policies that traditionally elevate prices. Both emphasized the urgent need to address the national deficit to prevent potential bankruptcy, attributing it to previous administrations' financial decisions.
Musk has claimed he is looking to cut federal spending by $2 trillion, but has since scaled that number back to $1 trillion, a massive amount of the federal budget.
Musk stated, 'If the deficit is not brought under control, America will go bankrupt. This is a very important thing for people to understand.'
Trump insisted, 'Inflation is back... I had nothing to do with it. These people have run the country. They spent money like nobody's ever spent.'
Musk emphasized the need to address the 'massive waste, fraud, and abuse' leading to a $2 trillion annual deficit inherited by the administration.
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