Billionaire hedge fund manager John Paulson has ambitious plans to reshape federal spending if he’s named Trump’s Treasury secretary — and he’s vowing to do it. collaborate with Elon Musk to make this happen.

The Trump ally explained what the ambitious spending cuts the duo have proposed could look like under a possible second Trump administration.

“The government is now subsidizing the Green New Deal (energy) to the tune of $1,000 billion. These are subsidies for electric vehicles, subsidies for solar panels, subsidies for wind energy,” he told “Fox & Friends” on Thursday.

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“My question is: Why should the average, hard-working American pay taxes and give them to the government, and the government give them to a car buyer in California or a home owner in California to subsidize the purchase of an electric vehicle? It’s not fair to citizens who don’t drive electric vehicles. “Government should use your tax dollars to subsidize this, so by eliminating these subsidies, it eliminates a trillion in spending and also reduces costs,” he added.

Paulson went further by further reducing the hypothetical spending by $150 billion by removing the money. allocated to illegal immigrants.

“The federal government is estimated to have paid $150 billion for legal immigrants last year, under all sorts of subsidized programs. One way to cut spending, and Trump has pledged to do so, is to not provide subsidies. federal benefits to illegal immigrants There’s an additional $150 (billion) that could come out of the budget, preserving taxpayer dollars to support Americans, but not for illegal immigrants,” he said.

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At Trump’s massive rally at New York’s Madison Square Garden last weekend, Musk predicted that $2 trillion in federal government spending could be cut. A federal budget of 6.5 trillion dollars.

Former President Trump previously highlighted Elon Musk’s mentality, discussing the “big businessman”‘s potential role in his administration if he were elected next Tuesday.

“It’s a great cost reducer,” he said in an exclusive interview. “Sunday morning futures” interview with Maria Bartiromo earlier this month. “And he (Musk) said, ‘I could cut costs without affecting anyone.'”

Elon Musk, CEO of Tesla and SpaceX, speaks at a rally for former U.S. President and Republican presidential candidate Donald Trump at Madison Square Garden in New York on October 27, 2024. (ANGELA WEISS/AFP via Getty Images / Getty Images)

Trump clarified that Musk did not want to take a cabinet position but wanted to play an active role in cost-cutting initiatives.

Reports have speculated that Trump could tap Paulson for Treasury secretary if he returns to office in January.

Asked what his priorities would be if given the role, he told “Mornings with Maria” that he would extend the Trump-era tax cuts.

“The tax policy has been very, very helpful. The economy has grown. That’s the most important thing,” he said.

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“The second is to reduce government spending, to get rid of these subsidies. The third is to protect American industries with tariffs. And the fourth would be to work with Elon Musk to reduce the cost of regulation and the number regulations.”