What approach should government agencies take to address inefficiency and wasteful spending?

Government agencies should implement aggressive, deep budget cuts similar to private equity strategies used for bankrupt companies. The speaker advocates cutting at least 20% more than initially planned, as agencies are described as 'fat chickens dripping over barbecues of fat.' This approach requires continuous and relentless action - 'keep slashing, keep hacking' - especially during the 24-month mandate before midterm elections. The current pace of cuts is considered insufficient, with the speaker emphasizing that when faced with organizational waste, cutting deeper and harder allows the organization to eventually reorganize and function more effectively.