US president’s proposal comes amid scepticism of claimed savings from Elon Musk’s cost-cutting drive.
Published On 20 Feb 2025
United States President Donald Trump has proposed using some of the savings from tech billionaire Elon Musk’s cost-cutting drive to give Americans cash and pay down government debt.
Speaking at an investment summit hosted by Saudi Arabia’s sovereign wealth fund in Miami Beach, Florida, on Wednesday, Trump said he was considering using 20 percent of the savings for payouts to the public and 20 percent to pay down the federal government’s $36 trillion debt.
“The numbers are incredible, Elon. So many billions of dollars … hundreds of billions,” Trump told the Future Investment Initiative (FII) Institute Priority Summit, referring to savings identified by Musk’s so-called Department of Government Efficiency (DOGE)
“We’re thinking about giving 20 percent back to the American citizens, and 20 percent down to pay back debt.”
Trump’s suggestion came a day after DOGE adviser James Fishback, the CEO of investment firm Azoria, proposed a “DOGE dividend” funded by the cost-cutting initiative.
In a four-page memo posted on X on Tuesday, Fishback said every tax-paying household could be sent a $5,000 cheque assuming Musk’s task force saves $2 trillion b