President-elect Donald Trump has chosen Tesla CEO Elon Musk and biotech company founder Vivek Ramaswamy, a former Republican presidential candidate, to lead efforts to cut spending, eliminate regulations and restructure federal agencies. Trump said in a statement that Ramaswamy and Musk would lead the “Department of Government Effectiveness,” or DOGE. The group’s mandate is to streamline government bureaucracy and will work outside the federal government. Trump gave Musk and Ramaswamy a deadline, July 4, 2026, when the United States will celebrate 250 years of independence, to complete their work. Musk has previously said he hopes to cut federal spending by at least $2 trillion, a goal that outside analysts say would be difficult to achieve. In fiscal year 2024, the government spent approximately $6.8 trillion.