Musk defends government cuts at CPAC event

Tech billionaire Elon Musk defended the sweeping government downsizing efforts he has spearheaded to an audience of supporters at the Conservative Political Action Conference (CPAC) in Maryland.

Musk told the crowd that the cuts have been made to keep programs like Medicare and Social Security operational.

"The actions that we're taking with the support of the President and the support of the agencies is what will save Medicare, is what will save Social Security. Because if the country goes insolvent, if all the money is just spent on paying interest on debt, there's no money left for anything." He added that U.S. President Donald Trump is also considering returning some of the savings from the cuts made by the Department of Government Efficiency (DOGE) to Americans.

Musk opened his appearance at CPAC with Argentine President Javier Millei, who presented him with a chainsaw. Millei is known for wielding a chainsaw to illustrate his drastic policies slashing government spending. "This is the chainsaw for bureaucracy," said Musk, holding the power tool aloft as a stage prop to symbolize the drastic slashing of government jobs.

Meanwhile, the U.S. Internal Revenue Service became the latest target for cuts. A person familiar with the matter said that the layoffs are expected to total 6,700, which is about 6 percent of the agency's workforce. The cuts are part of President Donald Trump's sweeping downsizing effort that has targeted bank regulators, forest workers, rocket scientists and tens of thousands of other government employees.

Meanwhile, Argentina's President Javier Milei arrived at the International Monetary Fund (IMF) in Washington, D.C. following a visit to CPAC earlier in the day.

Milei gifted a chainsaw to Elon Musk on stage at CPAC. Musk told cheering attendees it was 'the chainsaw for bureaucracy'.

Milei is set to meet with Musk, U.S. President Donald Trump and the head of the International Monetary Fund during his visit to Washington.