Elon Musk has pledged massive cuts to government programs, subsidies, and bureaucracy in his anticipated role as a “State Efficiency” leader, according to an article published Wednesday in The Wall Street Journal.

The billionaire entrepreneur plans to target hundreds of billions of dollars in federal spending, including funds for public broadcasting and Planned Parenthood. Musk called government bureaucracy an “existential threat” to American democracy.

Teaming up with fellow businessman and Trump ally Vivek Ramaswamy, Musk aims to streamline federal regulations and implement significant administrative and cost reductions.

“We are entrepreneurs, not politicians. We will serve as external volunteers, not federal officials or employees,” Musk and Ramaswamy stated in the article.

Russian President Vladimir Putin declared that the conflict in Ukraine is taking on the characteristics of a “global war,” warning that Russia might target Western nations supplying Ukraine with weapons used in attacks on Russian territory.

These remarks come after a day of heightened tensions, during which Russia launched a state-of-the-art medium-range missile designed to carry a nuclear warhead. However, this particular missile was loaded with conventional explosives.

Ukrainian President Volodymyr Zelensky condemned the missile strike, calling it the action of a “deranged neighbor” using Ukraine as a “military testing ground.”

Earlier, Ukraine accused Russia of attacking the central-eastern city of Dnipro with a missile exhibiting “all the characteristics” of an intercontinental missile, an unprecedented development in the ongoing conflict.

The International Monetary Fund (IMF) stated on Thursday that the devastating floods in eastern Spain on October 29 will have a “limited impact” on the country’s economic growth.

“Our assessment is that the economic impact was quite localized, and damage to key infrastructure, such as transportation and industry, has been relatively limited,” said IMF spokesperson Julie Kozack during a press briefing in Washington.

Kozack added that preliminary evaluations suggest the overall effect on Spain’s economic growth “would be limited,” though no specific figures were provided.

In its latest forecast on October 23, the IMF projected Spain’s economy to grow by 2.9% this year, one of the highest rates in the European Union. The organization will update its data in January and is expected to confirm Spain’s “relatively solid” growth, according to Kozack.

However, on Wednesday, Bank of Spain Governor José Luis Escrivá estimated that the floods, which claimed 228 lives and caused immense damage—especially in the Valencia region—could trim 0.2 percentage points off Spain’s GDP growth in the fourth quarter.

Escrivá’s estimate draws on comparisons with Hurricane Katrina, which devastated New Orleans in 2005, and the fact that the affected areas represent “approximately 2% of the Spanish economy.”

The Spanish government has forecasted a 2.7% growth rate for 2023.