Source: ABC News Via AOL

President-elect Donald Trump has announced that billionaire Elon Musk and Vivek Ramaswamy, a former presidential candidate and ally of Trump, will lead a new Department of Government Efficiency.

"Together, these two wonderful Americans will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies," Trump said in a statement on Tuesday.

The Department of Government Efficiency will not be a federal agency in the U.S. government but will provide advice and guidance "outside of government" and partner with the White House and Office of Management & Budget to "drive structural government reform," Trump said.

The president-elect did not detail how this new department would be funded.

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