“We have to reduce spending to live within our means,” Musk said. That gives Musk’s frankness about reductions — and his track record of making large, painful cuts at his own companies — added weight. The Trump campaign didn’t immediately comment but has previously said that the GOP agenda wouldn’t cause short-term economic hardship. There’s some skepticism on Wall Street that a new Trump administration could implement spending cuts on the scale Musk has proposed. “They’re both indicating they intend to maintain substantial deficits and elevated government spending, certainly compared with the strength of the economy,” Elliott said.

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