Trump and Musk have suggested the panel will make dramatic cuts. However the U.S. Constitution gives Congress the power over the federal budget. Congress can take or disregard advice from outside panels like the proposed efficiency group. In an effort to be transparent, Musk said the panel will post its "actions" for public comment.

Republicans have secured a majority in the House of Representatives with a two-seat advantage. However, it is quite slim because some key races have yet to be called. President-elect Donald Trump's cabinet nominations have also raised concern about the possibility of seat vacancies.

Billionaires Elon Musk and Vivek Ramaswamy are looking for "super high-IQ small-government revolutionaries" willing to work long hours to join their cost-cutting commission.