Welcome DT News

  • CONTACT
  • ABOUT US
Deythere
  • Home
  • News
    Ethereum Roars Back: $2.9B in Inflows and Robinhood’s Layer-2 Ignite Rally
    NewsCryptoEthereum

    Ethereum Roars Back: $2.9B in Inflows and Robinhood’s Layer-2 Ignite Rally

    ETH price surge gained steam over the weekend, going up 3.5% in…

    By
    Jane Omada Apeh
    July 1, 2025
    Circle Files to Become First Federally Regulated Stablecoin Bank in U.S.
    NewsCrypto
    Circle Files to Become First Federally Regulated Stablecoin Bank in U.S.
    July 1, 2025
    TRX price DOGE price Bitcoin price
    NewsCryptoMarket
    XRP, TRX, and DOGE Funding Rates Soar While Bitcoin Holds Flat
    July 1, 2025
    Musk vs. Trump Turns Ugly: Bitcoin and Tesla Stocks Take the Hit
    NewsBitcoinCrypto
    Musk vs. Trump Turns Ugly: Bitcoin and Tesla Stocks Take the Hit
    July 1, 2025
    image 253
    CryptoNewsSponsored Article
    Bitcoin Cash Price Prediction 2026: Can BCH Surge as Qubetics Launches at $0.40 on MEXC and LBank?
    July 1, 2025
  • Cryptocurrency
    Ethereum Roars Back: $2.9B in Inflows and Robinhood’s Layer-2 Ignite Rally
    Ethereum Roars Back: $2.9B in Inflows and Robinhood’s Layer-2 Ignite Rally
    7 Min Read
    Circle Files to Become First Federally Regulated Stablecoin Bank in U.S.
    Circle Files to Become First Federally Regulated Stablecoin Bank in U.S.
    6 Min Read
    TRX price DOGE price Bitcoin price
    XRP, TRX, and DOGE Funding Rates Soar While Bitcoin Holds Flat
    7 Min Read
    Musk vs. Trump Turns Ugly: Bitcoin and Tesla Stocks Take the Hit
    Musk vs. Trump Turns Ugly: Bitcoin and Tesla Stocks Take the Hit
    8 Min Read
    image 253
    Bitcoin Cash Price Prediction 2026: Can BCH Surge as Qubetics Launches at $0.40 on MEXC and LBank?
    7 Min Read
    ETH Eyes $10,000—But Can It Break the $2,800 Barrier First?
    ETH Eyes $10,000 But Can Ethereum Break the $2,800 Barrier First?
    6 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

Bitcoin ETFs See $1.1B Inflows as Global Tensions Push Investors to Crypto

Best New Meme Coins to Buy Today: BTFD Coin’s $3,000 Buy-in Targets a Massive $112,500 Payday While DOGE Gains Traction and WIF’s Volume Swings

Missed Cat in a Dog’s World at a Fraction of a Cent? Arctic Pablo’s $0.000047 Price is the Next Big Entry Point

Best Altcoins to Invest in This Weekend as $TICS Price Set for a 10% Increase, Bittensor Partners with AI Firms, and XRP’s On-Chain Activity Jumps 18%

Cleanspark Acquires 26,000 S21 XP Immersion-Cooled Bitcoin Mining Machines

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