Billionaire Elon Musk, who is heading U.S. President Donald Trump's drive to shrink the federal government, gave an update on the effort early Monday, saying work is underway to shut down the U.S. foreign aid agency USAID. - REUTERS
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00:00The billionaire appointed by Donald Trump to shrink the U.S. government said on Monday
00:04he aimed to shatter the globe's premier foreign aid agency.
00:08Elon Musk, the founder of Tesla and SpaceX and the owner of the ex-social media platform,
00:13gave an update where he said the United States Agency for International Development, or USAID,
00:18was quote, beyond repair.
00:19USAID is the world's largest single donor.
00:23In fiscal year 2023, the U.S. disbursed $72 billion of assistance worldwide on everything
00:28from women's health and conflict zones to access to clean water and HIV-AIDS treatments.
00:34It was the source of 42 percent of all humanitarian aid tracked by the United Nations in 2024,
00:40and has a staff of more than 10,000 people.
00:43Trump has ordered a global freeze on most U.S. foreign aid as part of his America First
00:47policy.
00:48Field hospitals and Thai refugee camps, landmine clearance in war zones, and drugs to treat
00:53millions suffering from diseases are among the programs at risk of elimination.
00:57USAID also sends rescue workers to assist when disaster strikes around the globe.
01:01Trump has assigned Musk to lead a federal cost-cutting panel.
01:04Speaking broadly about cost reductions, Musk estimated the Trump administration can cut
01:08$1 trillion from the U.S. deficit next year.
01:11And he asserted that quote, professional foreign fraud rings are stealing vast sums by masquerading
01:16as or creating fake digital U.S. citizens.
01:20Musk did not offer any evidence to support his fraud claim or explain how he reached
01:25the amount of $1 trillion.
01:26Targeting USAID follows on concerns about Musk's access to the U.S. Treasury system,
01:32first reported by the New York Times, that sends out more than $6 trillion per year in
01:36payments on behalf of federal agencies.
01:39That system contains the personal information of millions of Americans who receive Social
01:43Security payments, tax refunds, and other money from the government.
01:47Democrat Peter Welch, a member of the Senate Finance Committee, called for explanations
01:51as to why Musk had been handed access to the payment system and what Welch said included
01:55taxpayer-sensitive data.
01:57Quote, it's a gross abuse of power by an unelected bureaucrat and it shows money can buy power
02:01in the Trump White House, Welch said in an emailed statement.
02:05Trump stated on Sunday night that Musk has his support.