• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Editor's Pick

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

by May 30, 2025
written by May 30, 2025

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 comment
0
FacebookTwitterPinterestEmail

previous post
Who will be Elon’s successor? The top names in line for DOGE chief
next post
Trump tariff plan faces uncertain future as court battles intensify

related articles

Trump announces two-year closure of Trump Kennedy Center...

February 2, 2026

Trump considers legal action against Michael Wolff and...

February 1, 2026

Senate Republicans push for House GOP rebellion against...

February 1, 2026

Tax season scams surge as filing confusion grows

February 1, 2026

Israel, Egypt coordinate reopening of Rafah Crossing in...

February 1, 2026

Trump says Iran ‘seriously talking to us’ as...

February 1, 2026

Amber Rose defends Charlie Kirk’s widow against online...

February 1, 2026

House Democrats mutiny Schumer’s deal with White House,...

February 1, 2026

State Department issues security alert amid ‘heavy gunfire’...

February 1, 2026

Noem touts TSA success after thousands with terror...

February 1, 2026
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • Trump pitches cognitive tests for leaders, questions if Harris, Walz, Newsom could pass

    January 6, 2026
  • Ethereum price dropped to a new lower low this morning

    August 28, 2024
  • House passes Trump-backed plan to avert government shutdown

    September 19, 2025
  • Goldman Sachs rolls out an AI assistant for its employees as artificial intelligence sweeps Wall Street

    January 22, 2025
  • Biden issues sweeping offshore oil, gas drilling ban in 625M acres of federal waters ahead of Trump transition

    January 6, 2025

Popular Posts

  • 1

    District judges’ orders blocking Trump agenda face hearing in top Senate committee

    April 2, 2025
  • 2

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 3

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 4

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 5

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024

Categories

  • Economy (829)
  • Editor's Pick (7,747)
  • Investing (920)
  • Stock (969)

Latest Posts

  • Altcoins Surge 14% After the Fed’s 50 Basis Point Hike

    September 19, 2024
  • Trump’s executive order on voting blocked by federal judge amid flurry of legal setbacks

    April 24, 2025
  • Vance previews US-Iran nuclear talks, says Trump ‘open’ to sitting down with Russians, Chinese in future

    May 7, 2025

Recent Posts

  • Shutdown crushes small business owners as losses hit billions — industry leaders beg Congress for ‘clean CR’

    October 27, 2025
  • UK competition watchdog to review $35 billion Synopsys-Ansys merger: What’s at stake?

    August 12, 2024
  • Solana and Cardano: Solana is waiting for a new impulse

    July 18, 2024

Editor’s Pick

  • Nigel Farage responds after Elon Musk declares he ‘doesn’t have what it takes’ to lead Reform UK Party

    January 6, 2025
  • EURAUD and EURNZD: Euro tries to stop further retreat

    August 30, 2024
  • A tale of two bids: What Netflix and Paramount’s pursuit of WBD means for Hollywood, viewers and investors

    December 13, 2025
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.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 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock