U.S. President-elect Donald Trump has tasked billionaire Tesla CEO Elon Musk with setting up a panel to streamline the U.S. government.

Although Trump has said little about how this group would operate, Musk previously set an ambitious goal of cutting $2 trillion of federal spending. Musk, the world's richest person, will head the new panel along with former Republican Presidential candidate Vivek Ramaswamy. Here is how it might work.

What does Musk want to cut?