• Elon Musk spoke briefly at a campaign rally for Donald Trump in New York on Sunday.
• In his speech, Musk said he would save $2 trillion through a Department of Government Efficiency.
• Musk and Trump have both hinted that Musk could become a member of Trump's Cabinet if he is re-elected.

Elon Musk gave a short speech on Sunday during a New York campaign rally for former President Donald Trump in which the Tesla CEO said he would save the United States $2 trillion in tax spending through a Department of Government Efficiency.

In introducing Musk, Howard Lutnick, the CEO of financial services firm Cantor Fitzgerald, described the SpaceX CEO as the “greatest capitalist in the history of the United States of America.” As he took the stage, Lutnick asked Musk, “How much do you think we can get out of this wasted $6.5 trillion Harris-Biden budget?”

“I think we can do at least $2 trillion,” Musk replied, drawing cheers from the crowd. “I mean, at the end of the day, you get taxed. They are taxed. All government spending is taxes. So whether it’s direct taxes or all government spending, it becomes either inflation or direct taxation.”

Musk added: “Your money is being wasted and the Department of Government Efficiency is going to fix that. We will get the government off your back and out of your wallet.”

Both Musk and Trump have suggested in recent weeks that Musk could retain a seat in Trump's Cabinet if re-elected. In a speech in September, Trump said that if he is re-elected, he plans to create one Government Efficiency Commission is set to be overseen by Musk, and the Tesla CEO said he can't wait to take over.

In his speech on Sunday, Musk did not elaborate on specific policy changes or spending cuts he would implement if he joined a hypothetical second Trump administration.

Musk and Trump campaign officials did not immediately respond to a request for comment from Business Insider.