President Trump announced that the newly formed Department of Government Efficiency (DOGE) may return 20% of savings from job cuts and budget reductions to taxpayers. This concept, described as “new,” also includes allocating another 20% to debt repayment—potentially both consumer and national debt, currently at $36 trillion. Trump provided limited details on the feasibility of this initiative, which may require congressional approval. He made these comments at an international investment conference in Miami, emphasizing DOGE’s potential to save “billions” from wasteful spending and the importance of addressing America’s debt, likening it to a balance sheet.
On Wednesday evening, President Trump announced that the newly created Department of Government Efficiency might allocate a portion of the savings generated from job reductions and other budget cuts back to American taxpayers.
Mr. Trump indicated that the proposal to return 20 percent of the savings resulting from the initiatives of the new department, referred to as DOGE, is “under consideration.” He described the potential plan as “a new concept” where his administration would provide “20 percent of the DOGE savings to American citizens” while another “20 percent goes to debt repayment.” (He did not specify the allocation for the remaining 60 percent of the savings.)
It was unclear if Mr. Trump was addressing the repayment of consumer debt or the national debt, which currently totals $36 trillion, but his remarks suggested he might have been referring to both. Prior to Mr. Trump’s inauguration in January, Elon Musk, the driving force behind DOGE, anticipated that cost reductions could reach $1 trillion.
Mr. Trump provided few specifics regarding the possible taxpayer returns, including whether the proposal would be feasible or whether congressional approval would be necessary. A White House representative did not provide immediate comments regarding the matter.
Mr. Trump made these comments at an international investment conference held in Miami Beach, Florida, organized by the Future Investment Initiative, a Saudi Arabian organization that aims to promote the kingdom’s economic and cultural interests through various events each year.
He addressed a large audience that included notable figures such as Mr. Musk, Yasir al-Rumayyan, the head of the Saudi Arabian sovereign-wealth fund; Princess Reema Bandar al-Saud, the Saudi ambassador to the United States; and Gianni Infantino, the president of FIFA, the global governing body for soccer.
Mr. Trump lauded the efforts of DOGE, asserting that the department would save “billions, hundreds of billions” of dollars by cutting wasteful expenditures.
He emphasized the necessity of reducing debt.
“If it were a real estate balance sheet, the debt is insignificant, but we still aim to reduce it,” he remarked.
He concluded by stating: “We don’t view it merely as a piece of real estate. It’s America.”