16 sources·Business

Trump's Department of Government Efficiency Launches, Sparking 150% Surge in Dogecoin Value

The new department, co-chaired by Elon Musk and Vivek Ramaswamy, promises to eliminate government waste, drastically impacting federal spending and Dogecoin.

38%

44%

19%

The distribution of story sources: left-leaning (blue), center (light gray), and right-leaning (red).

Mostly Reliable

The underlying sources are generally reliable but sometimes include opinion, propaganda, or minor inaccuracies.

Balanced

The underlying sources are either a balanced mix of left and right or primarily centrist.

No highlights available for this story.

Updated: Nov 13th, 2024, 10:00 PM ET

Summary

A summary of the key points of this story verified across multiple sources.

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.

Perspectives

Compare opinions on this story from liberal (Left), conservative (Right) or center-leaning news organizations.

No center-leaning sources available for this story.

History

A summary of how this story has evolved over the last 24 hours.