New Market Perspective
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

New Market Perspective

Politics

Musk confident DOGE will save $1 trillion as government cost cutting continues

by admin May 31, 2025
May 31, 2025
Musk confident DOGE will save $1 trillion as government cost cutting continues

Tesla and SpaceX CEO Elon Musk wrapped up his time as the public face of DOGE in a press conference with President Donald Trump on Monday, leaving behind a total estimated $175 billion in government cost-cutting over the past few months. 

The $175 billion in savings from slashing government contracts, selling assets, identifying improper payments, and other cost-cutting measures amounts to $1,086.96 per each individual taxpayer, according to the DOGE website. 

The cuts took place all across the government, highlighted by a complete dismantling of USAID, where 83% of the agency’s programs and 5,200 contracts were canceled following the conclusion of a six-week review by DOGE.

Trump discussed some of the other more significant cuts in the Friday press conference.

$20 million for Arab Sesame Street in the Middle East,’ Trump said. ‘Nobody knows what that’s all about. Nobody’s been able to find it. $8 million for making mice transgenders. So they spent $8 million in making mice transgender. And those are better than many others. I could sit here all day and read things just like that.’

While some outlets, including The New York Times and BBC News, have disputed DOGE’s $175 billion estimate and argued the true number is smaller, Musk told reporters in the Oval Office on Friday that the savings will continue to build, and he is confident the total cuts will amount to $1 trillion in the coming years. 

The DOGE influence will only grow stronger,’ Musk said. ‘I liken it to a sort of person of Buddhism. It’s like a way of life so it is permeating throughout the government. And I’m confident that over time, we’ll see $1 trillion of savings, and a reduction in $1 trillion of waste, fraud reduction.’

Additionally, Musk said that the DOGE cuts would soon hit the $200 billion threshold for fiscal year 25-26.

From the start, DOGE was hit with not only a tsunami of negative press and outraged Democratic lawmakers, but also a series of lawsuits, which bogged it down in protracted legal battles as Musk struggled to reach his original estimates of $1-2 trillion in cuts. 

This, coupled with the reality of most of the major end cuts requiring congressional approval to carry out, relegated DOGE’s impact on cutting around the edges of the big programs and agencies it likely would have liked to eliminate entirely.

Musk was asked on Friday what the biggest ‘roadblock’ was for him at DOGE.

‘It’s mostly just a lot of hard work,’ Musk responded. ‘It’s really not any one person or Congress. It’s going through really millions of line items and saying just each one of them makes sense or does not make sense.’

‘Obviously, at times when you cut expenses, those who are receiving the money, whether they receive, whether they’re receiving that money legitimately or not. They do complain, and you’re not going to hear someone confessing that they received money inappropriately. Never. They’re going to always say that they received money appropriately for a report. Of course, naturally, that’s what you’d expect.’

Fox News Digital’s Peter Pinedo contributed to this report.

This post appeared first on FOX NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Who will be Elon’s successor? The top names in line for DOGE chief
next post
Elon Musk sports black eye at farewell presser in Oval Office: ‘Horsing around with little X’

Related Posts

Support for Taylor Swift’s get-out-the-vote effort drops sharply...

September 20, 2024

Top five clashes of the Harris-Trump presidential debate:...

September 12, 2024

Biden says he and Kamala Harris are ‘singing...

October 5, 2024

Trump victory boosts conservatives in Latin America, wake-up...

December 2, 2024

Democrats slam Biden for bypassing Congress to strike...

January 12, 2024

Victims react to new intelligence community report that...

January 14, 2025

President Trump reveals what he told Zelenskyy during...

May 1, 2025

White House can’t say what assassination of top...

August 1, 2024

Nikki Haley clarifies Civil War ‘was about slavery,’...

December 29, 2023

Speaker Johnson meets with OpenAI CEO, says Congress...

January 13, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Hamas responds to US plan for Gaza ceasefire, says proposal aimed at ‘permanent ceasefire’

      June 1, 2025
    • Turkish authorities escalate crackdown on opposition-run Istanbul municipality

      June 1, 2025
    • Mexican band Grupo Firme cancels US show, says visas suspended by Trump administration

      June 1, 2025
    • Trump’s foreign policy frustrations are piling up

      June 1, 2025
    • South Korea is voting for a new president after six months of political chaos. Here’s what to know

      June 1, 2025
    • Bridge collapses onto passenger train in western Russia, killing at least 7

      June 1, 2025

    Popular

    • 1

      10 Top Oil-producing Countries (Updated 2024)

      October 19, 2024
    • 2

      Powered by rain, this seed carrier could help reforest the most remote areas

      December 19, 2023
    • 3

      A troubling theory about traders profiting from Hamas’ attack on Israel drew much attention. Why it may not be so simple.

      December 13, 2023
    • 4

      Americans are starting to feel better about the economy and inflation

      December 13, 2023
    • 5

      Top 10 Uranium-producing Countries (Updated 2024)

      April 18, 2024
    • 6

      Rare Earths Stocks: 8 Biggest Companies in 2024

      January 12, 2024
    • 7

      Investing in Graphene Companies

      May 9, 2024

    Categories

    • Business (1,343)
    • Investing (3,211)
    • Politics (4,216)
    • World (4,169)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: newmarketperspective.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2025 newmarketperspective.com | All Rights Reserved