Elon Musk's Department of Government Efficiency said it is already recruiting people to work on the new initiative to cut federal spending.

Billionaires Elon Musk and Vivek Ramaswamy are looking to conduct a “massive downsizing” of the federal government.

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.