"A lot of people just don't understand where inflation comes from. Inflation comes from government overspending because the checks never bounce when it's written by the government," Musk said.

"So if the government spends far more than it brings in, that increases the money supply, and if the money supply increases faster than the rate of goods and services, that's inflation," he continued.

"So really, we need to reduce our government spending. And I think we need a government efficiency commission to say, 'Where are we spending money that's sensible, and where is it not sensible,'" Musk argued.

Trump agreed.

"And we need to live within our means," Musk then stated. "We're currently adding, I think, a trillion dollars to the deficit, roughly every hundred days. The interest payments on the national debt now exceed the defense budget. It's on the order of a trillion dollars. It keeps growing."

Trump responded that such a commission to root out government waste would be good.

"The waste is incredible, and nobody negotiates prices," Trump said.

Trump cited the example of a Boeing contract to build new Air Force One planes that he renegotiated after taking office in 2017.

The price was to be $5.7 billion for two planes, which the 45th president said he brought down by $1.6 billion.

"I think it would be great just to have a government efficiency commission that takes a look at these things and ensures that the taxpayers' money, the taxpayer's hard earned money, is spent in a good way, and I'd be happy to help out on such a commission," Musk offered.