President-elect Donald Trump's "Department of Government Efficiency (DOGE)" initiative hopes to cut federal spending by as much as $2 trillion. Trump has tapped billionaire backer Elon Musk and entrepreneur Vivek Ramaswamy to lead this agency.

Yahoo Finance host Julie Hyman examines what kind of impact these massive budget cuts could have on US gross domestic product (GDP) and the broader US economy. Citi chief US economist Andrew Hollenhorst joined Yahoo Finance earlier to talk about how Congress, especially Republican lawmakers, may feel about these spending amendments.

To watch more expert insights and analysis on the latest market action, check out more Asking for a Trend here.

This post was written by Luke Carberry Mogan.