The power tool popularized by the South American nations leader has become a symbol of his push to slash public spending

Argentine President Javier Milei has given Elon Musk a chainsaw as a symbolic gesture reflecting their shared commitment to cutting government bureaucracy and public spending.

Musk, a close ally of US President Donald Trump tasked with slashing federal government spending, appeared at the Conservative Political Action Conference (CPAC) outside Washington on Thursday, waving the chainsaw above his head.

The audience at the convention center erupted in applause and gave the Tesla and SpaceX CEO a standing ovation as he took the stage alongside Milei wearing a black MAGA baseball cap and mirrored sunglasses.

"This is the chainsaw for bureaucracy!" Musk exclaimed, brandishing the power tool, which was engraved with Milei's campaign slogan, "Viva la libertad, carajo" ("Long live freedom, damn it!").

Milei, a libertarian economist known for his controversial policies, famously wielded a chainsaw during his 2023 presidential campaign to symbolize his intent to eliminate government departments and positions. After taking office, he implemented drastic economic measures to stabilize Argentina's struggling economy. His policies sparked widespread protests last year. However, in January, Argentina recorded its first annual budget surplus in over a decade.

Musk's efforts align with Milei's approach. The billionaire heads the US Department of Government Efficiency (DOGE), a body established by Trump to streamline federal operations and cut $2 trillion from federal spending by 2026. Musk has asserted that up to $1 trillion in cuts could be feasible.

Since Trump's inauguration on January 20, DOGE, which is not a permanent federal executive department despite its name, has implemented sweeping reductions, including dismantling the United States Agency for International Development (USAID) and the Consumer Financial Protection Bureau (CFPB). It has also imposed severe restrictions on National Institutes of Health (NIH) grants as part of a broader strategy to curb federal expenditures.

The DOGE has also launched an official website to track the federal workforce and document the number of regulations. The portal has reported an estimated $55 billion in savings since the department's inception.

This week, DOGE claimed to have identified a nearly $5 trillion discrepancy in US federal spending, alleging that Treasury records have rendered some payments untraceable.

Milei arrived in Washington on Thursday amid a growing scandal over the $Libra cryptocurrency, which he promoted last Friday on his X account. The controversy has led to legal complaints and calls for his impeachment in Argentina's Congress.

The self-described anarcho-capitalist was also one of the first foreign leaders to visit Trump at his Mar-a-Lago estate in Florida following the Republican's 2024 election victory.

(RT.com)