The post Elon Musk and DOGE: What You Need to Know About the Department of Government Efficiency appeared on BitcoinEthereumNews.com.

SpaceX CEO Elon Musk and entrepreneur Vivek Ramaswamy will helm a new U.S. government initiative aimed at lowering the federal budget deficit. Called the Department of Government Efficiency (DOGE), the initiative—which has an acronym identical to the ticker of Musk’s favorite cryptocurrency, Dogecoin—will “slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies,” according to President-elect Donald Trump. However, some details about the project remain unclear. Here’s everything we know so far about DOGE. What is DOGE? DOGE is an upcoming U.S. government initiative that Elon Musk first tweeted about last August. While the project initially appeared to be a gag—created as a gag, and unsurprisingly pumping the price of Dogecoin whenever mentioned by Musk—Trump threw his support behind DOGE’s push to curtail government spending, suggesting the once fictitious department will actually become a real-life U.S. government-affiliated entity. “Together, [Elon Musk and Vivek Ramaswamy] will pave the way for my administration to dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure federal agencies—essential to the ‘Save America’ movement,” Trump said Tuesday in a statement. The project will be active until “no later than July 4, 2026,” Trump said; that’s the 250th anniversary of the Declaration of Independence. Notably, DOGE is not an official U.S. government department in the traditional sense, as only Congress—not the president—can approve the creation of new federal government departments, according to the U.S. Congress’ website. Rather, Musk’s meme-linked brainchild will exist “outside” of the government system, Trump said. That means DOGE will likely not receive government funds. It also means that the project’s ability to directly control U.S. government agency budgets will be minimal, although DOGE’s directives could be implemented by Trump’s supporters in Congress. Who will run DOGE?  Billionaires Elon Musk and Vivek Ramaswamy will lead the charge at the Department of Government…

---

Filed under: News - @ November 18, 2024 2:19 am