(NewsNation) — Tesla and SpaceX CEO Elon Musk, during an already-controversial rally for Republican presidential nominee Donald Trump at New York’s Madison Square Garden Sunday night, said he wants to cut at least $2 trillion in federal spending.

During the event, Howard Lutnick, the chief executive of Wall Street firm Cantor Fitzgerald and a leader on Trump’s transition planning team, asked Musk how much can be ripped out of the Biden administration’s current budget.

The Washington Post reports that Musk answered “we can do at least $2 trillion,” with the promise of getting “the government off your back and out of your pocketbook.”

What could be cut in Elon Musk’s proposed plan

In fiscal year 2024, the federal government spent a total of $6.75 trillion, according to the Treasury Department. Should Musk actually implement his proposed cuts, it would mark around a third of federal spending.

Exact details of this plan from Musk still remain unknown but this has brought some concerns about what areas could see an impact, and that some government services would be slashed.

Currently, $1.46 trillion is being spent on Social Security; $874 billion goes to Medicare, $874 billion is budgeted for national defense; $325 billion is for veterans benefits and services; and there’s $324 billion allocated to education, training, and social services, per Treasury data.

“The idea that one can cut $2 trillion in wasteful and unnecessary programs is absolutely absurd,” Brian Riedl, a senior fellow at the Manhattan Institute, a center-right think tank, told The Washington Post. “There’s a long history of the fantasy that one smart businessman will just identify trillions in waste, but that’s just not how it works.”

On X, one user said if Musk is successful in “hacking away at the government, firing people and reducing the deficit” that, combined with Trump possibly “forcing through mass deportations” could lead to an initial severe overreaction in the economy. However, the user added that “when the storm passes and everyone realizes we are on sounder footing, there will be a rapid recovery to a healthier, sustainable economy.”

This this, Musk replied: “Sounds about right.”

If Donald Trump is elected, Elon Musk would be put on new commission

These cost-cutting ideas were floated by Musk after former President Trump announced in September at the New York Economic Club that if elected, he wants to create the Government Efficiency Commission.

Musk agreed to lead the commission if the opportunity came up, quote-tweeting the news saying, “No pay, no title, no recognition is needed.”

Watchdog groups and agencies already exist, including the nonpartisan Government Accountability Office which identifies waste and investigates federal spending.

Another one, the Department of Defense Inspector General, released a report just this week alleging that the Air Force overpaid by around 80 times the normal price for spare soap dispensers for the C-17 military transport aircraft. The inspector general even included pictures of the soap dispenser alongside a far cheaper commercially available one.

Kamla Harris vs. Donald Trump on economy

While Democratic nominee Vice President Kamala Harris and Trump differ on economic policy, the Committee for a Responsible Federal Budget predicts both of their plans would increase the debt, though by much different margins.

Trump’s would up it by $7.75 trillion through 2035, according to the committee, while Harris’ would do so by $3.95 trillion in the same time period.

During the 2024 campaign, Harris proposed actions such as expanding the Child Tax Credit; expanding the Small Business Tax Deduction; reducing prescription drug prices and increasing taxes on corporations as well as the wealthy. Trump wants to cut corporations and small business taxes; impose new tariffs; and eliminate the taxing of Social Security benefits.

The two candidates have pledged to end tax on tips as well.

NewsNation digital producer Cassie Buchman contributed to this report.