U.S. Treasury reports or official government financial statements

Elon Musk Comments on New Department Targeting $36 Trillion U.S. Debt

Nov 25, 2024, 01:40 PM

The newly established Department of Government Efficiency (DOGE) has begun evaluating possible cuts to the federal budget in an effort to address the national debt, which has soared to $36 trillion with trillions more in unfunded entitlements. The department aims to downsize staff and streamline current government departments, emulating the cost-cutting measures implemented by Elon Musk at Twitter. Under the Biden administration, the national debt increased by approximately $12 trillion, including $1 trillion in the past 100 days alone, with interest payments now consuming one in four dollars collected, compared to half that during the Trump administration. DOGE is considered by some as the key to saving America from bankruptcy, but there are concerns that entrenched interests will resist efforts to reduce the size of government. Elon Musk, commenting on DOGE, remarked, "I can't believe DOGE is real."