The world's richest man argued that the retirement and disability benefit system poses a significant financial risk to America's future.

The House speaker said the GOP, alongside Musk, is working to eliminate government inefficiencies and improve the country's fiscal affairs.

Billionaire Elon Musk has said there is widespread fraud taking place in the payment of "federal entitlements" like Social Security. Social Security benefits are paid to more than 70 million Americans on a monthly basis, and help form the bedrock of income for many retirees, survivors of deceased claimants and disabled people.