US President Donald Trump has praised Elon Musk and his new cabinet as he claimed he is "very impressed" with his selection.

Trump told reporters: "I think I'm impressed with everybody so far, everybody. I'm very happy with all of the choices.

"I think that Elon has done incredibly with some groups, and some groups are much easier than others. It's too early to say, but I think everybody is on board.

"They all know we want to balance the budget. We want to have a balanced budget within a reasonably short period of time, maybe meaning maybe by next year or the year after, but maybe, maybe even sooner than that."