Elon Musk briefly spoke at a campaign rally for Donald Trump in New York on Sunday.

Musk said he'd save the US $2 trillion through a department of government efficiency.

Musk did not provide any details on policy changes or spending cuts he'd implement.

At a campaign rally for former President Donald Trump in New York on Sunday, Elon Musk said he'd save the United States $2 trillion through a department of government efficiency.

Howard Lutnick, the CEO of the financial services company Cantor Fitzgerald, introduced Musk at the event. As he took the stage, Lutnick asked the Tesla and SpaceX CEO, "How much do you think we can rip out of this wasted $6.5 trillion Harris-Biden budget?"

"I think we can do at least $2 trillion," Musk replied. "I mean, at the end of the day, you're being taxed. You're being taxed. All government spending is taxation. So whether it's direct taxation or all government spending, it either becomes inflation or it's direct taxation."

Musk added: "Your money is being wasted, and the Department of Government Efficiency is going to fix that. We're going to get the government off your back and out of your pocketbook."

Trump has previously said he'd put Musk in charge of a department of government efficiency — or "DOGE," after the cryptocurrency — if he wins the election.

Musk did not elaborate on policy changes or spending cuts he would implement if he were to join a hypothetical second Trump administration.

Musk and representatives for the Trump campaign did not immediately respond to a request for comment from Business Insider.

The federal government's spending in the 2024 fiscal year was $6.75 trillion. Musk's suggested cuts would represent nearly a third of that sum.

It's unclear where Musk's suggested cuts would come from.

Trump and Vice President Kamala Harris have each proposed various tax changes as part of their campaigns. Those proposed by Trump include ending taxes on tips and overtime, reducing the corporate tax rate, hiking tariffs on imports, and ending taxes on Social Security benefits. Harris has proposed tax credits for new parents and homeowners as well as an expansion to the Small Business Tax Deduction.

When it comes to Social Security, the Committee for a Responsible Federal Budget, or CRFB, has said that neither Trump nor Harris has proposed a plan that would fix social security's finances, but that Trump's proposals would "dramatically worsen Social Security's finances." Trump's campaign has disputed the findings of the CRFB's report.

The Wall Street Journal organized a survey of 50 economists from October 4 to October 8 and found that 65% believed the deficit would get worse with Trump's proposed policies.

Musk's growing support for Trump

Musk, the world's richest person, has become one of Trump's staunchest and most vocal backers in this election cycle.

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Musk endorsed Trump in July after the former president survived an assassination attempt during a rally in Pennsylvania.

The two have discussed Musk holding a seat in Trump's cabinet if the former president is reelected. During a livestream on X in August, Musk said he would be "happy to help out" with a government-efficiency commission. In a September speech, Trump again referenced the commission, saying he'd want Musk to oversee the project.

Musk's financial power is translating into real moves on the campaign trail.

As of Friday, Musk has spent just under $119 million on his pro-Trump political action committee, America PAC.

He has been hitting the road in the key swing state of Pennsylvania and holding his own rallies in support of Trump.

Musk has also said he's launching a daily $1 million giveaway to a swing state voter who signs his petition affirming support for free speech and the right to bear arms. Some election law experts previously told BI the giveaway plan may be illegal.

With the election just over a week away, the race between Harris and Trump remains on a razor's edge. According to a national poll by The New York Times and Siena College released on Friday, Trump and Harris are neck and neck at 48% for the popular vote.

October 28, 2024, 3:08 a.m. EST: This story has been updated with context on Musk's comments about the prospect of taking on a government role, details about Musk's political spending in the 2024 election cycle, and details on Trump's and Harris' respective economic proposals.