• 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 closes week with plans to reposition subs...

August 2, 2025

Inside the Biden cover-up probe: 8 aides questioned,...

August 2, 2025

BROADCAST BIAS: ABC compares Sydney Sweeney ad to...

August 2, 2025

Cambodia to nominate Trump for Nobel Peace Prize...

August 2, 2025

WATCH: Trump says he is hopeful Hillary Clinton...

August 1, 2025

Recess on ice as Republicans hunker down for...

August 1, 2025

Trump moves nuclear submarines weeks after praising sub’s...

August 1, 2025

Iran says it has ‘plenty of scientists’ left...

August 1, 2025

Trump endorses ‘MAGA warrior’ for RNC chairman after...

August 1, 2025

Trump repositions 2 nuclear submarines after ‘highly provocative’...

August 1, 2025
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

  • Balancing a fixed income with inflation, a Georgia retiree feels stuck

    July 26, 2024
  • ‘Excuse me’: Bondi shuts down Dem senator’s questioning attacking another Trump nominee

    January 15, 2025
  • CLAY TRAVIS: When the Dems lose a Kennedy, they’ve lost the plot

    August 24, 2024
  • Trump says he ‘always thought’ Waltz was responsible for Signal chat scandal

    March 27, 2025
  • Trump thanks Jeb Bush for strong praise of Iran strike: ‘Very much appreciated!’

    June 25, 2025

Popular Posts

  • 1

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

    July 21, 2024
  • 2

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

    July 19, 2024
  • 3

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

    December 4, 2024
  • 4

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (5,606)
  • Investing (634)
  • Stock (867)

Latest Posts

  • Biden missing in action as Turkey inches closer to full-blown war against US-allied Kurds in Syria

    December 20, 2024
  • Harris billionaire surrogate’s suggestion Trump women are dumb comes on heels of Biden’s ‘garbage’ comment

    November 1, 2024
  • Fox News reporter asks White House who gets called after 8 p.m. if nuke is launched at US

    July 10, 2024

Recent Posts

  • Coca-Cola raises full-year outlook as global demand increases in Q2

    July 23, 2024
  • Obama-appointed judge who became Trump rival during election interference case overseeing pivotal DOGE hearing

    February 18, 2025
  • Meta executives eligible for 200% salary bonus under new pay structure

    February 21, 2025

Editor’s Pick

  • Trump, Harris neck and neck as Dems lose ground among Latino, Black voters: poll

    October 21, 2024
  • Stock market has worst day since 2022 as Tesla, Google parent Alphabet sink

    July 25, 2024
  • Japanese eateries hike prices as tourist influx reaches record levels

    July 29, 2024
  • 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