Trump praises the work of Elon Musk and his D.O.G.E in Congressional address

Source Cryptopolitan

Donald Trump stood before Congress on Tuesday night and made it clear—he’s all in on Elon Musk’s government-slashing operation.

With stock and crypto markets already in chaos over his new tariffs on Canada, Mexico, and China, Trump doubled down on his support for Elon’s so-called Department of Government Efficiency (DOGE), the group leading the charge to gut federal spending and slash jobs.

“And Elon is doing a great job,” Trump said. “He didn’t need this. He’s doing America a favor, and we really appreciate it.” Then, in true Trump fashion, he looked over at the Democrats, nodded toward their side, and added, “Even this side appreciates it, trust me. They’re just not gonna admit it.”

Across the room, the Democrats had brought along military veterans and former government workers—people who lost their jobs thanks to Elon’s campaign. They held up protest signs that read, “False,” and “Protect veterans.”

Trump appreciates D.O.G.E. Source: WSJ

Elon’s D.O.G.E wipes billions in claimed savings

DOGE has been on a deletion spree, wiping out claims of savings faster than they appeared. Late Sunday night, the group removed or altered more than 1,000 contracts it had previously said were canceled.

That’s over 40% of all contracts listed just a week ago, bringing down its total savings claims from an initial $16 billion to less than $9 billion.

Among the deleted entries were five of the seven biggest savings claims DOGE had boasted about. A $1.9 billion IRS contract for tech services? Gone. The New York Times found out the contract had already been canceled under Biden in November.

A $149 million contract for three administrative assistants at the Department of Health and Human Services? Disappeared. The numbers didn’t match up, and a completely different contract was mistakenly linked.

Another $133 million in so-called savings came from a US Agency for International Development contract for work in Libya. The contractor, Chemonics International, had already wrapped up the project last year. Yet DOGE took credit for canceling it.

Even after all these changes, the errors haven’t stopped. As of Monday morning, DOGE’s site still claimed a $106 million savings from two Coast Guard contracts. A quick check of federal records showed those contracts ended back in 2005 and 2006—during the George W. Bush administration.

Confusion over D.O.G.E’s Wall of Receipts

DOGE had initially launched its “wall of receipts” as a public showcase of all the canceled contracts that supposedly saved taxpayers over $100 billion.

But with more deletions happening every week, the list is becoming less reliable. It’s also the only place where DOGE is giving a detailed public breakdown of its numbers, and it’s raising questions about just how accurate their figures really are.

After multiple reports from media outlets pointing out the mistakes, DOGE quietly updated its website to shift responsibility. Now, a disclaimer says that all numbers “originate directly from agency contracting officials.” That doesn’t explain why so many of the claims keep vanishing.

The shrinking savings total hasn’t slowed down Elon’s operation. DOGE keeps adding new canceled contracts to replace the deleted ones. But these new ones are worth smaller amounts, meaning that the total savings number is still dropping.

Meanwhile, contracting and budget experts are raising concerns about DOGE’s overall competence, given how many mistakes keep piling up.

Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
WTI rally takes a timeout amid signs of US-Iran war de-escalationWest Texas Intermediate (WTI) Oil futures on NYMEX trade slightly lower to near $71.50 during the European trading session on Friday. The Oil price extends its correction after posting a fresh over two-week high at $75.73 on Wednesday.
Author  FXStreet
Jul 10, Fri
West Texas Intermediate (WTI) Oil futures on NYMEX trade slightly lower to near $71.50 during the European trading session on Friday. The Oil price extends its correction after posting a fresh over two-week high at $75.73 on Wednesday.
placeholder
Gold recovers above $4,100 as traders assess US-Iran conflict Gold price (XAU/USD) rebounds to around $4,120 during the early Asian session on Friday. The precious metal edges higher as traders weigh a resumption of war in the Middle East.
Author  FXStreet
Jul 10, Fri
Gold price (XAU/USD) rebounds to around $4,120 during the early Asian session on Friday. The precious metal edges higher as traders weigh a resumption of war in the Middle East.
placeholder
WTI consolidates below $72.00 as traders monitor geopolitical developmentsWest Texas Intermediate (WTI) – the benchmark US Crude Oil price – steadies during the Asian session on Friday, stalling the previous day's downfall amid mixed messaging from the US and Iran.
Author  FXStreet
Jul 10, Fri
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – steadies during the Asian session on Friday, stalling the previous day's downfall amid mixed messaging from the US and Iran.
placeholder
WTI Crude Oil Price Forecast: US-Iran Conflict Reignites, Will a New Round of Oil Price Rises Begin? As of the Asian session on July 9, after WTI ( USOIL) crude oil prices rebounded sharply for two consecutive trading days, oil prices hovered and adjusted around $73.30 today. From the te
Author  TradingKey
Jul 09, Thu
As of the Asian session on July 9, after WTI ( USOIL) crude oil prices rebounded sharply for two consecutive trading days, oil prices hovered and adjusted around $73.30 today. From the te
placeholder
British Pound strengthens to near 1.3400 as UK political risk fades The GBP/USD pair gathers strength near 1.3395 during the Asian trading hours on Thursday, bolstered by fading domestic political uncertainty.
Author  FXStreet
Jul 09, Thu
The GBP/USD pair gathers strength near 1.3395 during the Asian trading hours on Thursday, bolstered by fading domestic political uncertainty.
goTop
quote