Musk Plans Deep Cuts to Federal Agencies Under New Role.
Elon Musk revealed plans to slash U.S. government spending and regulations, including eliminating the U.S. Agency for International Development (USAID). He shared these details during a late-night discussion on X Spaces.
"We need a wholesale spring cleaning of U.S. regulations," said Musk, who leads the Department of Government Efficiency (DOGE). The Tesla CEO aims to shut down USAID and merge its remaining functions into the State Department, a move he claims has President Trump's support.
Musk stated any eliminated agencies or rules could be recreated if needed. He announced an upcoming meeting with JPMorgan Chase CEO Jamie Dimon to discuss how DOGE's cost-cutting measures might boost confidence in U.S. debt.
Treasury yields rose from September lows due to deficit concerns and inflation worries before and after the U.S. election. Major spending cuts could benefit investors betting on lower yields.
The X platform conversation marked Musk's first public discussion about DOGE since Trump took office. Senators Joni Ernst, Mike Lee, and former DOGE leader Vivek Ramaswamy joined the hour-long session.
Musk's recent actions suggest DOGE's reach extends beyond its original mission of modernizing federal technology. Over the weekend, his teams accessed Treasury payment systems and removed USAID officials. The U.S. DOGE Service operates under the president's executive office.
The billionaire's expanded role in reshaping federal operations signals significant changes ahead for U.S. government agencies and spending policies.
Elon Musk revealed plans to slash U.S. government spending and regulations, including eliminating the U.S. Agency for International Development (USAID). He shared these details during a late-night discussion on X Spaces.
"We need a wholesale spring cleaning of U.S. regulations," said Musk, who leads the Department of Government Efficiency (DOGE). The Tesla CEO aims to shut down USAID and merge its remaining functions into the State Department, a move he claims has President Trump's support.
Musk stated any eliminated agencies or rules could be recreated if needed. He announced an upcoming meeting with JPMorgan Chase CEO Jamie Dimon to discuss how DOGE's cost-cutting measures might boost confidence in U.S. debt.
Treasury yields rose from September lows due to deficit concerns and inflation worries before and after the U.S. election. Major spending cuts could benefit investors betting on lower yields.
The X platform conversation marked Musk's first public discussion about DOGE since Trump took office. Senators Joni Ernst, Mike Lee, and former DOGE leader Vivek Ramaswamy joined the hour-long session.
Musk's recent actions suggest DOGE's reach extends beyond its original mission of modernizing federal technology. Over the weekend, his teams accessed Treasury payment systems and removed USAID officials. The U.S. DOGE Service operates under the president's executive office.
The billionaire's expanded role in reshaping federal operations signals significant changes ahead for U.S. government agencies and spending policies.
