• Investing
  • Stock
  • Economy
  • Editor’s Pick
Portfolio Performance Today
Economy

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

by May 31, 2025
by May 31, 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
Elon Musk sports black eye at farewell presser in Oval Office: ‘Horsing around with little X’

Related Posts

House Republicans say Dems twisting Epstein probe to...

November 18, 2025

China’s energy siege of Taiwan could cripple US...

November 18, 2025

War Department refocuses on AI, hypersonics and directed...

November 18, 2025

Epstein referenced Trump in private emails to Ghislaine...

November 18, 2025

Cruz keeps 2028 door open as speculation grows...

November 18, 2025

‘Radical Left’ shutdown message ignites firestorm as Democrats...

November 18, 2025

Pro-life pregnancy centers see client increase after Supreme...

November 18, 2025

Raspy-voiced Trump reveals reason he ‘blew my stack’...

November 18, 2025

China military reaches ‘war footing’ with new missile...

November 18, 2025

UN Security Council backs Trump’s Gaza peace plan...

November 18, 2025

Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.

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

Recent Posts

  • Africa AI push grows as Cassava plans massive data centre expansion

    November 18, 2025
  • Databricks seeks new funding at valuation above $130B: report

    November 18, 2025
  • AkzoNobel and Axalta agree on all-stock merger to create $25B global coatings powerhouse

    November 18, 2025
  • Emirates delays Airbus A350-1000 decision as engine concerns persist

    November 18, 2025
  • Robinhood stock forms dangerous pattern as risks rise

    November 18, 2025
  • SoftBank accelerates AI chip push as FTC clears Ampere takeover

    November 18, 2025

Editors’ Picks

  • 1

    Pop Mart reports 188% profit surge, plans aggressive global expansion

    March 26, 2025
  • 2

    Meta executives eligible for 200% salary bonus under new pay structure

    February 21, 2025
  • 3

    New FBI leader Kash Patel tapped to run ATF as acting director

    February 23, 2025
  • 4

    Walmart earnings preview: What to expect before Thursday’s opening bell

    February 20, 2025
  • 5

    Anthropic’s newly released Claude 3.7 Sonnet can ‘think’ as long as the user wants before giving an answer

    February 25, 2025
  • 6

    Cramer reveals a sub-sector of technology that can withstand Trump tariffs

    March 1, 2025
  • 7

    Nvidia’s investment in SoundHound wasn’t all that significant after all

    March 1, 2025

Categories

  • Economy (3,257)
  • Editor's Pick (328)
  • Investing (185)
  • Stock (2,210)
  • About us
  • Contact us
  • Privacy Policy
  • Terms & Conditions

Copyright © 2025 Portfolioperformancetoday.com All Rights Reserved.

Portfolio Performance Today
  • Investing
  • Stock
  • Economy
  • Editor’s Pick
Portfolio Performance Today
  • Investing
  • Stock
  • Economy
  • Editor’s Pick
Copyright © 2025 Portfolioperformancetoday.com All Rights Reserved.

Read alsox

South Korea flips left in presidential race;...

June 4, 2025

NATO defense chiefs stress commitment to Ukraine,...

August 21, 2025

Pentagon deputy chief of staff is second...

April 16, 2025