Tesla CEO Elon Musk on Thursday expressed confidence that his team was on track to reduce federal spending by $1 trillion by its May deadline, due to a caveat that he can only work for the government for 130 days a year.

Musk is considered a "special government employee," which restricts the work that he can do in the federal government and the length of time he can do it. Right now, he's limited to 130 days of federal work which expires at the end of May.

The billionaire is currently leading a new team in the Department of Government Efficiency (DOGE), which is working to restructure the federal government and eliminate wasteful spending by canceling thousands of unnecessary loans.

"This is a revolution, and I think it might be the biggest revolution in the government since the original revolution," Musk told Fox News host Bret Baier. "America will be solvent. The critical programs that people depend upon will work, and it’s going to be a fantastic future."

Baier asked Musk whether he intends to stay past the May 30 deadline to finish reducing government spending by $1 trillion, but Musk said that he believes most of his work will be done by then. 

"I think we will have accomplished most of the work required to reduce the deficit by $1 trillion within that timeframe," he said. "What seems like incredibly fast action by government standards is — it's slower than I'd like, to be totally frank."

Musk added that his current goal is to cut $4 billion in federal spending every day, but that only amounts to $520 billion by the end of May.

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.