Welcome DT News

  • CONTACT
  • ABOUT US
Deythere
  • Home
  • News
    Why Coinbase’s June 13 Update Has XRP and SOL Traders on Alert
    NewsCrypto

    Why Coinbase’s June 13 Update Has XRP and SOL Traders on Alert

    According to news sources, Coinbase is set to expand its derivatives platform…

    By
    Jane Omada Apeh
    May 30, 2025
    image 30 May 2025 12 40 50
    CryptoMarketNews
    Pi Coin Faces Crucial Weeks as Technical Indicators Flash Red
    May 30, 2025
    PSG Reveals Bitcoin Treasury Strategy: The Crypto World Cheers
    NewsBitcoinCrypto
    PSG Reveals Bitcoin Treasury Strategy: The Crypto World Cheers
    May 30, 2025
    Bybit MiCAR license
    NewsCryptoMarket
    Bybit Expands into Europe with MiCAR License and Vienna Headquarters
    May 30, 2025
    Ethereum ETF Inflows Surge to $71M, Will ETH Price Follow to $2,900?
    NewsCryptoEthereumMarket
    Ethereum ETF Inflows Surge to $71M, Will ETH Price Follow to $2,900?
    May 30, 2025
  • Cryptocurrency
    Why Coinbase’s June 13 Update Has XRP and SOL Traders on Alert
    Why Coinbase’s June 13 Update Has XRP and SOL Traders on Alert
    7 Min Read
    image 30 May 2025 12 40 50
    Pi Coin Faces Crucial Weeks as Technical Indicators Flash Red
    3 Min Read
    PSG Reveals Bitcoin Treasury Strategy: The Crypto World Cheers
    PSG Reveals Bitcoin Treasury Strategy: The Crypto World Cheers
    5 Min Read
    Bybit MiCAR license
    Bybit Expands into Europe with MiCAR License and Vienna Headquarters
    6 Min Read
    Ethereum ETF Inflows Surge to $71M, Will ETH Price Follow to $2,900?
    Ethereum ETF Inflows Surge to $71M, Will ETH Price Follow to $2,900?
    7 Min Read
    image 297
    Updated List: 5 Top New Meme Coins to Buy and Hold for Long Term — Last Hours of Stage 6 for a 191.6% Rising Presale
    8 Min Read
    Previous Next
  • Pages
    • Contact Us
    • Customize Interests
    • My Bookmarks
Reading: Can D.O.G.E. Save $2 trillion? Critics Question Musk’s Ambitious Plan
Share

[ccpw id=”7831″]

DeythereDeythere
Font ResizerAa
  • Home
  • Crypto
  • Market
  • News
  • Blockchain
  • Contact
Search
  • Home
  • News
  • Cryptocurrency
  • Pages
    • Contact Us
    • Customize Interests
    • My Bookmarks
Have an existing account? Sign In
Follow US
© DT News. All Rights Reserved.
Deythere > News > Crypto > Can D.O.G.E. Save $2 trillion? Critics Question Musk’s Ambitious Plan
CryptoNews

Can D.O.G.E. Save $2 trillion? Critics Question Musk’s Ambitious Plan

Can D.O.G.E. Save $2 trillion? Critics Question Musk’s Ambitious Plan
Can D.O.G.E. Save $2 trillion? Critics Question Musk’s Ambitious Plan
Victoria James
Last updated: November 29, 2024 10:34 am
By
Victoria James
Published November 29, 2024
5 Min Read
Share

Hailing it as a historic day for American taxpayers, the newly founded Department of Government Efficiency (D.O.G.E.) led by Elon Musk and Vivek Ramaswamy this week detailed its plan to aim for $2 trillion in federal agency budget cuts. One of the agencies Musk said was antiquated is the Internal Revenue Service (IRS).

Contents
IRS in the SpotlightOther Agencies Under ConsiderationDefense Spending Also Under ReviewD.O.G.E.’s Involvement, DoubtfulImpact on DogecoinThe Bigger PictureA Bold Gamble on Federal Reform Faces Praise and Scrutiny
IRS
Can D.O.G.E. save $2 trillion? Critics Question Musk’s Ambitious Plan

IRS in the Spotlight

Elon Musk, the chief executive of Tesla, who has emerged as a symbol of D.O.G.E., has publicly blasted the I.R.S., describing it as a “mess” that needs major rework. He suggested developing a free tax-filing app, auditing the agency, and firing what he deems superfluous administrative personnel.

In a poll posted on social media platform X (formerly Twitter), Musk inquired if users preferred the IRS budget to be increased, decreased, maintained, or completely eliminated. A remarkable 60.6 percent of those responding favoured eliminating the IRS budget entirely, while 29.9 percent voted for cuts. Just 5.6% supported an increase, and 3.9% didn’t want any changes. The IRS is, however, seeking an extra $20 billion in funding, which has led to widespread debate regarding its efficiency and spending.

Other Agencies Under Consideration

Outside of the IRS, D.O.G.E. plans to audit budgets for several federal agencies. Among the targets is the Consumer Financial Protection Bureau (CFPB), an agency Musk indicated should be abolished. Critics say those functions could simply be integrated into other financial oversight agencies.

Musk’s co-leader on this project, Vivek Ramaswamy, has had some opinions about the Department of Education. Mirroring the views expressed by President-elect Donald Trump, Ramaswamy believes the department should be eliminated altogether. This echoes Trump’s long-standing railing against the federal education system as unnecessary and wasteful.

Defense Spending Also Under Review

The Department of Defense has also taken heat. Ramaswamy lambasted the Pentagon for squandering about $125 billion a year on bureaucracy. But Musk’s own SpaceX—which has a $3.6 billion defense contract—seems to be excluded from these proposed cuts. This seeming inconsistency has raised eyebrows, with critics questioning the neutrality of D.O.G.E.’s budgetary review process.

D.O.G.E.’s Involvement, Doubtful

D.O.G.E. is intended to simplify some government operations and cut excess spending, but critics argue that its function is superfluous. Others say the department’s goals could be duplicated by other federal agencies that work to streamline.

Impact on Dogecoin

D.O.G.E. is a nod to Dogecoin, a cryptocurrency Musk has often supported. Since Trump’s electoral victory, Doge’s market value has gushed, its flight of fancy inflating on the speculation regarding Musk’s position with the new administration. Though D.O.G.E. may have a place at the political table, talk of the coin at campaign rallies has apparently led to price spikes, which shows just how closely political developments are intertwined with movements in the crypto market.

The Bigger Picture

Yet D.O.G.E.’s attempts to slash spending strike a chord with some voters, but the move sparks wider debate about government priorities and accountability. Slashing federal budgets is no easy task, and critics say the cuts come with risks, including eroding key functions or leaving space for lack of oversight. Whether D.O.G.E., which has taken an ambitious approach, can deliver on its goals without disrupting key functions is still to be seen.

D.O.G.E
Can D.O.G.E. save $2 trillion? Critics Question Musk’s Ambitious Plan

A Bold Gamble on Federal Reform Faces Praise and Scrutiny

Elon Musk and Vivek Ramaswamy’s leadership of D.O.G.E. strikes a daring approach to cleaning up federal bureaucracies and trimming the fat. But their approach has ignited debates over the future of key agencies and the fairness of proposed cuts. The initiative could also have an impact on government operations—and potentially Dogecoin—as it unfolds and is monitored by both supporters and skeptics.

 

Advertising

For advertising inquiries, please email . [email protected] or Telegram

Popular Altcoin and Unichain Join Forces! A New Era Begins with 90+ Blockchains!

The Best Cryptos To Join This Month With Qubetics’ Groundbreaking Innovations, Binance’s Market Potential, And Sonic’s Unique Features

Solana Explodes as Bybit Welcomes PayPal’s PYUSD

Fintech’s Role in Election Polling? PayPal, Coinbase, and Cash App Could Offer Data Collection Solutions

Citigroup Predicts Stablecoin Market to Hit $2 Trillion by 2030

TAGGED:$2 trillion budgetD.O.G.EElon MuskIRS

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Email Copy Link Print
Previous Article Tax-Free Gains Hong Kong Proposes Tax-Free Gains for Crypto Investors
Next Article Bitcoin Approaches $100K Bitcoin Approaches $100K While Ethereum and Ripple Show Bullish Signs
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow US

Find US on Socials
FacebookLike
XFollow
YoutubeSubscribe
TelegramFollow
Subscribe to our newslettern

Get Newest Articles Instantly!

- Advertisement -
Ad image
Popular News
crypto 2024
Crypto Derivatives Market Heats Up as Innovative Products Emerge
crypto approval
Blockchain Revolutionizes Energy Markets with Decentralized Trading Platforms
crypto news
Cutting-Edge Mining Technologies Drive Efficiency in Cryptocurrency Production

Follow Us on Socials

We use social media to react to breaking news, update supporters and share information

Twitter Youtube Telegram Linkedin
Deythere

DT News influence 20 million users and is the number one business blockchain and crypto news network on the planet.

Subscribe to our newsletter

You can be the first to find out the latest news and tips about trading, markets...

Menu

  • Home
  • News
  • Sitemap
© DT News. All Rights Reserved.
Banner 1
Banner 2
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?

  • English