The newly established Department of Government Efficiency (DOGE) by Trump, co-led by Musk and Ramaswamy, aims to reduce government waste by July 4, 2026. Following the announcement, Dogecoin's value surged by 150%. While the department’s purpose reflects existing plans to downsize the federal workforce, skepticism remains about its serious intent and the potential economic impact of proposed spending cuts. Musk has pledged maximum transparency, intending to illuminate wasteful expenditures, although many experts contest the feasibility of the proposed $2 trillion cuts without severely affecting essential social programs.