U.S. President-elect Donald Trump has appointed tech entrepreneur Elon Musk and business leader Vivek Ramaswamy to lead the Department of Government Efficiency (DOGE), an initiative aimed at reducing government spending.
DOGE’s primary mission is to address the massive $6.5 trillion federal budget, targeting areas of wasteful spending and excessive regulations. According to public records, U.S. government expenditures reached $6.75 trillion in 2024, an increase of $617 billion over the previous year.
Trump emphasized that the agency will bring an “entrepreneurial approach” to government and help to “dismantle bureaucracy, slash excess regulations, and streamline federal agencies.”
The department will collaborate closely with the White House and the Office of Management and Budget to implement large-scale structural reforms. DOGE’s advisors, who will operate primarily outside of traditional federal structures, are expected to leverage private-sector insights to drive cost savings and improve government efficiency.
The formation of DOGE builds on Trump’s hint in August that he might tap Musk for a Cabinet or advisory role if elected.
Trump added that, under his plan, Musk and Ramaswamy would conclude their work by July 4, 2026. He emphasized that a “smaller, more efficient government” would be “the perfect gift to America” on the 250th anniversary of the Declaration of Independence.
“I am confident they will succeed!,” Trump noted in his public statement.
The acronym “DOGE” has drawn attention, cleverly nodding to the popular memecoin, Dogecoin, with which Musk is famously associated.
Notably, after Trump’s election victory, the memecoin’s value spiked to $0.4—a high not seen since 2021. It is currently trading at $0.4279, a 12.81% increase in the last 24 hours, according to data from CoinMarketCap.
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