As the incoming Trump administration has begun strategizing on its Cabinet nominations, President-elect Donald Trump has selected billionaire backer Elon Musk and entrepreneur Vivek Ramaswamy to lead his proposed Department of Government Efficiency (DOGE) initiative. This proposed agency will oversee the slashing of excessive regulations and cutting wasteful government spending.

"The standard that Elon Musk has set for us is that he believes he can cut $2 trillion from the federal budget annually. Let's just put this in perspective," Yale School of Management Lecturer of Management Practice Gautam Mukunda explains to Yahoo Finance:

"To get his target, he's going to have to zero out defense, the Department of Energy, the Department of Education. And then to cut $300 billion out of Medicare, Medicaid, and Social Security. I don't know about you, but that doesn't sound to me like he's going to hit his target."

Mukunda sits down with Julie Hyman and Josh Lipton to lay out some of the speed bumps the appointed Musk and Ramaswamy could face in approaching their goals.

"So one is the Department of Government Efficiency has no staff, no statutory authority. So think about the Cabinet secretaries who Trump is going to appoint when these people come in and tell them, 'Hey, you're doing your job so badly, we're going to cut your budget by a third,'" he explains. "My guess is they won't respond to it that well, and they don't actually have to answer to these two."

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This post was written by Luke Carberry Mogan.