Trump's potential Treasury pick gives sneak peek into Musk collaboration

 Billionaire hedge fund manager John Paulson has ambitious plans to reshape federal spending if tapped to be Trump's Treasury secretary – and he's vowing to collaborate with Elon Musk to make it happen.

The Trump ally shared how the ambitious spending cuts the duo have floated might look under a potential second Trump administration.

"The government is now subsidizing, to the tune of $1 trillion, the Green New [energy] Deal. That's subsidies for electric vehicles, subsidies for solar panels, subsidies for wind," he told "Fox & Friends" on Thursday.

"My question is, why should the average, hardworking Americans pay taxes, give it to the government and the government give it to a car buyer in California or a homeowner in California to subsidize their purchase of an electric vehicle? That's not fair to the people that aren't driving electric vehicles. I'm all for electric vehicles, but I don't think the government should take your tax dollars to subsidize that, so by eliminating those subsidies, that eliminates a trillion in spending right there. It also brings down costs," he added.

Paulson went a step further, slashing another hypothetical $150 billion in spending by cutting out money allocated for illegal immigrants.

"The federal government was estimated to have paid $150 billion for legal immigrants last year, all sorts of subsidized programs, so one way to reduce spending, and Trump has made a commitment, [is] no federal benefits for illegal immigrants. There's another $150 [billion] that could come out of the budget, preserve the tax dollars to support Americans, but not for illegal immigrants," he said.

During Trump's massive rally at Madison Square Garden in New York City last weekend, Musk predicted $2 trillion in federal government spending could be slashed from the $6.5 trillion federal budget.