Officials on Tuesday reiterated allegations of "waste and fraud" in entitlement programs as the administration said that no cuts will be made to Social Security, Medicare, or Medicaid benefits.

Elon Musk on Monday in an interview with Fox Business Network's Larry Kudlow referred to federal spending on programs such as Social Security, Medicare and Medicaid as areas that need to be eliminated.

Although federal officials have long recognized improper spending as a problem, it is not the main reason for the program’s dire financial outlook