Billionaire John Paulson expressed his intention to collaborate with Elon Musk in reducing federal spending, particularly by cutting green energy subsidies, if he were to be appointed Treasury Secretary under the Trump administration.
During an interview with The Wall Street Journal, Paulson emphasized the need to eliminate tax subsidies for solar, wind, and other inefficient energy sources to decrease government spending. He specifically highlighted the aim to target green energy subsidies in the Inflation Reduction Act, which he referred to as the “Green New Deal.”
An avid supporter of Trump and a significant donor to his campaigns, Paulson is also a trustee of the conservative Manhattan Institute, led by Wall Street executive Paul Singer. Trump has mentioned Paulson as a possible candidate for Treasury Secretary if he were to win the 2024 election.
Paulson’s stance aligns with Musk’s, who claimed the potential to slash $2 trillion from the federal budget. Musk, speaking at a Trump rally on Oct. 27 at New York’s Madison Square Garden, emphasized the wastefulness of government spending and the need to reduce regulations.
The $2 trillion target represents a substantial portion of current spending, with the federal government allocating $6.75 trillion in fiscal year 2024, as reported by the Treasury Department.
Trump proposed that Musk lead the newly proposed Department of Government Efficiency (DOGE) to conduct audits on U.S. federal agencies. Musk responded affirmatively, highlighting the necessity to eliminate wasteful spending and regulations within the government.
Both Trump and Musk have not disclosed specific programs they would cut as part of their cost-saving measures.
Musk, like Paulson, has been a vocal supporter of Trump, campaigning alongside him, making significant donations to pro-Trump causes, and pledging funds to support free speech and gun rights. However, Musk faced legal challenges, including a lawsuit to block his voter giveaway initiative.
The Treasury Secretary plays a crucial role in managing federal finances and tax laws, engaging with Wall Street, business leaders, and international counterparts. Paulson is among the candidates being considered for the position, along with other notable figures.
In addressing potential Senate opposition, Paulson expressed confidence in his relationships with senators on both sides of the aisle and the rigorous review process that nominees undergo.
The economy remains a key concern for voters in the upcoming presidential election, with polls indicating a close race between Vice President Kamala Harris and former President Donald Trump in key battleground states.
As Election Day approaches, the focus on economic issues and the candidates’ proposed strategies for fiscal management will likely shape voters’ decisions.
From NTD News
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