By David Shepardson and Chris Sanders WASHINGTON (Reuters) -Billionaire Elon Musk, who is heading U.S. President Donald Trump's efforts to shrink the federal government, gave an update on the effort early Monday,

Elon Musk, who now runs the government efficiency initiative he calls DOGE, sketched out plans for aggressive cuts to US spending and regulations that include wiping out the US Agency for International Development — and suggested the bond market should thank him for it.

Elon Musk called USAID a criminal organization that should “die.” Proponents say it’s a key arm of U.S. influence that, if destroyed, “cannot be easily rebuilt.”