President-elect Trump has tapped tech entrepreneurs Elon Musk and Vivek Ramaswamy to lead an advisory group focused on cutting federal spending and reducing the size of the government. Trump announced Tuesday that Musk and Ramaswamy would lead his “Department of Government Efficiency" (DOGE), an initiative meant to “slash excess regulations, cut wasteful expenditures” and restructure federal agencies. Trump said that DOGE would "provide advice and guidance from outside of government" and partner with the White House Office of Budget and Management (OMB). “It will become, potentially, ‘The Manhattan Project’ of our time. Republican politicians have dreamed about the objectives of “DOGE” for a very long time,” the President-elect added. Tesla and SpaceX CEO Elon Musk listens as Republican presidential nominee former President Donald Trump speaks at a campaign event at the Butler Farm Show, Oct. 5, 2024, in Butler, Pa. (AP Photo/Alex Brandon, File)Republican presidential candidate Vivek Ramaswamy addresses the Family Research Council's Pray Vote Stand Summit in Washington, D.C., on Friday, September 15, 2023. It was not immediately clear whether DOGE would be an official part of the Trump administration or advise the White House from outside the government. “To drive this kind of drastic change, the Department of Government Efficiency will provide advice and guidance from outside of Government, and will partner with the White House and Office of Management & Budget to drive large scale structural reform, and create an entrepreneurial approach to Government never seen before.” John Ratcliffe chosen as Trump's pick to lead CIA In a statement shared by Trump, Musk said DOGE will “send shockwaves through the system and anyone involved in Government waste, which is a lot of people!” The announcement of DOGE and Musk’s role in it comes after months of floating the idea and Trump’s rising alliance with the tech entrepreneur. Ramaswamy briefly ran in the Republican presidential primary before suspending his bid at the beginning of this year and backing Trump. “I look forward to Elon and Vivek making changes to the Federal Bureaucracy with an eye on efficiency and, at the same time, making life better for all Americans. Importantly, we will drive out the massive waste and fraud which exists throughout our annual $6.5 Trillion Dollars of Government Spending. They will work together to liberate our Economy, and make the U.S. Government accountable to “WE THE PEOPLE,” Trump wrote. The President-elect said DOGE’s work will “conclude” no later than July 4, 2026 in celebration of the 250th anniversary of the Declaration of Independence. (The Hill contributed to this report)