Elon Musk alleged that up to $700 billion in entitlement spending could be “waste and fraud,” raising alarm among Democrats.

The head of DOGE told Fox Business that $500 billion to $700 billion in waste needed be cut from federal benefit programs.

Elon Musk on Monday in an interview with Fox Business Network's Larry Kudlow referred to federal spending on programs such as Social Security, Medicare and Medicaid as areas that need to be eliminated.