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Billionaire hedge fund manager John Paulson, a Trump ally, has outlined plans to reshape federal spending if chosen as Treasury secretary, pledging to work with Elon Musk to implement substantial cuts in a potential second Trump administration.
“The government is now subsidizing, to the tune of $1 trillion, the Green New [energy] Deal. That’s subsidies for electric vehicles, subsidies for solar panels, subsidies for wind,” he told “Fox & Friends” on Thursday. “My question is, why should the average, hardworking Americans pay taxes, give it to the government and the government give it to a car buyer in California or a homeowner in California to subsidize their purchase of an electric vehicle? That’s not fair to the people that aren’t driving electric vehicles. I’m all for electric vehicles, but I don’t think the government should take your tax dollars to subsidize that, so by eliminating those subsidies, that eliminates a trillion in spending right there. It also brings down costs.”
Paulson also suggested cutting spending on illegal immigrants, adding: “The federal government was estimated to have paid $150 billion for legal immigrants last year, all sorts of subsidized programs, so one way to reduce spending, and Trump has made a commitment, [is] no federal benefits for illegal immigrants. There’s another $150 [billion] that could come out of the budget, preserve the tax dollars to support Americans, but not for illegal immigrants.”
At Trump’s Madison Square Garden rally last weekend, Elon Musk suggested cutting $2 trillion from the $6.5 trillion federal budget. Trump praised Musk’s financial expertise, hinting at a potential role for him in reducing government spending, though Musk reportedly doesn’t want a formal cabinet position.
“The tax policy was very, very helpful. The economy grew. That’s the most important thing,” he said. “Second is to bring down public spending, to get rid of these subsidies. Third is to protect American industries through tariffs. And fourth would be to work with Elon Musk to bring down the cost of regulation and the number of regulations.”
Trump Treasury hopeful John Paulson vows to slash government spending with Elon Musk https://t.co/oGrYYnWasr pic.twitter.com/p7V9LAlogp
— New York Post (@nypost) October 30, 2024
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