Billionaire John Paulson said he would work with Elon Musk to cut federal spending, particularly by reducing green energy subsidies, if appointed Treasury Secretary under Trump’s administration.
He specifically mentioned targeting green energy subsidies in the Inflation Reduction Act, which he referred to as the “Green New Deal.”
A staunch Trump ally and major donor to his 2016, 2020, and 2024 campaigns, Paulson is also a trustee of the conservative Manhattan Institute, chaired by fellow Wall Street executive Paul Singer. Trump has named Paulson a possible Treasury Secretary if he wins the 2024 election.
Paulson’s stance mirrors Musk’s, who claimed he could slash at least $2 trillion from the federal budget.
Neither Trump nor Musk has provided details on the specific programs they would cut.
The Treasury Secretary manages federal finances and tax laws, often engaging with Wall Street, business leaders, and foreign dignitaries.
Paulson is among several candidates being considered for the role, alongside Scott Bessent, founder of Key Square Group and a Trump ally on Wall Street, former trade ambassador Robert Lighthizer, and former SEC Chairman Jay Clayton.
Paulson said that if nominated, he would not anticipate pushback from the Senate.
“I have good relationships with senators on both sides of the aisle. The review process is a rigorous process. That’s a hurdle that would have to be crossed before we get to the Senate. I think once we cross that review process, I wouldn’t expect opposition.” he told The Wall Street Journal.
With less than one week until Election Day, polls report a close race between Vice President Kamala Harris and former President Donald Trump in seven key battleground states, with Trump holding a slight national lead, according to RealClearPolitics.
From NTD News