Daily SumUp

The White House on Tuesday asserted President Trump would not cut Social Security or Medicare after tech billionaire Elon Musk’s comments about the need to examine entitlement spending gained traction.

Musk, a top Trump adviser leading the effort to overhaul the federal workforce through the Department of Government Efficiency, appeared on Fox Business Network on Monday for a rare television interview, where he noted that most government spending is on entitlements.

“So, the waste and fraud in entitlement spending, which is all of the — which is most of the federal spending is entitlements. So, that’s, like, the big one to eliminate,” Musk told former Trump official Larry Kudlow, suggesting it could amount to more than $500 billion in annual savings.