World
Behind the scenes with Elon Musk and DOGE team’s mission to streamline federal operations
Elon Musk, head of the department of government efficiency (DOGE), detailed the agency’s ambitious cost-cutting initiatives in an exclusive interview with “Special Report” on Thursday.
Elon Musk, head of the department of government efficiency (DOGE), detailed the agency’s ambitious cost-cutting initiatives in an exclusive interview with “Special Report” on Thursday. Joined by seven team members, Musk emphasised the goal of reducing government waste and fraud to achieve a 15% spending reduction.
“The government is not efficient, and there’s a lot of waste and fraud,” Musk said. “We feel confident that a 15% reduction can be done without affecting any critical government services.”
Musk, alongside DOGE members Steve Davis, Joe Gebbia, Aram Moghaddassi, Brad Smith, Anthony Armstrong, Tom Krause, and Tyler Hassen, provided insight into the department’s efforts across various federal agencies, including the Internal Revenue Service, the Interior Department, and Social Security Administration.
Describing the initiative as a “revolution,” Elon Musk asserted, “This might be the biggest transformation in government since the original revolution. At the end of the day, America is going to be in much better shape.”
According to DOGE’s official website, the department claims to have saved American taxpayers a total of $130 billion as of March 27, amounting to approximately $807.45 per taxpayer.
Federal spending overhaul
US President Donald Trump established DOGE with the mandate to optimise the federal government, enhance efficiency, and slash excessive spending within an 18-month timeframe. Since its inception, the department has eliminated various diversity, equity, and inclusion (DEI) initiatives, cancelled consulting contracts, terminated leases on underutilized federal properties, and consolidated overlapping government programs.
During the interview, Davis highlighted an example of government inefficiency: federal employee credit cards. “There are around 4.6 million credit cards issued to approximately 2.3 to 2.4 million employees. That doesn’t make sense. We’ve been working with agencies to determine whether all these cards are necessary and if they are being used responsibly,” he explained.
Elon Musk responded, “Clearly, there should not be more credit cards than there are people.”
Controversy and political divide
Despite its cost-cutting mission, DOGE has faced intense scrutiny. Critics argue that the agency wields excessive influence over federal operations and should not have unilateral authority to terminate contracts or restructure agencies. Musk pushed back against these concerns, saying, “They may characterise it as shooting from the hip, but it is anything but that. We measure twice, if not thrice, and cut once.”
He acknowledged the possibility of missteps but emphasised the department’s commitment to swift corrections. “If we were to approach this with the standard of making no mistakes at all, that would be like saying someone in baseball has to bat a thousand. That’s impossible. When we make mistakes, we correct them quickly and move on.”
Musk also challenged critics to specify which cost-saving measures they oppose. “They claim what we’re doing is unconstitutional or illegal, but they fail to point out which line of savings they disagree with.”
The DOGE leader affirmed that Congress remains informed of the department’s actions. “The law mandates that money be spent correctly and not wasted. Preventing fraud and waste is not contrary to Congress—it aligns with the law.”
While many Republican lawmakers have voiced strong support for DOGE’s initiatives, opposition from Democratic lawmakers remains steadfast, with concerns about transparency and oversight continuing to fuel debate over the department’s role in government restructuring.
Business
Israel confirms use of laser weapons to defend against drone attacks
The larger Iron Beam laser, developed by Rafael Advanced Defense Systems and Elbit Systems Ltd., will be integrated into Israel’s multi-level air defenses in the next six months. The technology has been touted as a cheaper way to repel drones and short-range projectiles, with each interception costing less than . The system, however, still has numerous technical limitations and can’t work in cloudy weather.More stories like this are available on bloomberg.comIsrael has deployed laser weapons during its ongoing war to deflect “scores” of aerial attacks, including from drones, the Defence Ministry said in a statement on Wednesday. This is the first time the country has acknowledged the use of directed-energy technologies in the battlefield.The systems were described as a less powerful “prototype” of the 100-kilowatt Iron Beam laser interceptor that will be operational in Israel by the end of the year. The Defence Ministry also released footage of what it said were the lasers intercepting fixed-wing drones in the sky.
The announcement suggests that Israel may soon pull ahead of other countries in the race for laser weapons. Nations have pursued the technology for decades, but efforts to scale lasers have been complicated by significant technical difficulties. The systems were described as a less powerful “prototype” of the 100-kilowatt Iron Beam laser interceptor that will be operational in Israel by the end of the year. The Defence Ministry also released footage of what it said were the lasers intercepting fixed-wing drones in the sky. Israel’s air defenses have faced over 26,000 aerial attacks from missiles, drones and rockets since Oct. 2023. Most of the projectiles, which were fired from Gaza, Lebanon, Syria, Iran, Iraq and Yemen, were intercepted by the Iron Dome and long-range Arrow shield systems. Many drones, however, penetrated its defenses.
Business
Bessent announces ‘substantial progress’ in crucial US-China trade talks
“I’m happy to report that we’ve made substantial progress between the United States and China in the very important trade talks,” Bessent told reporters.Bessent said he had informed President Donald Trump of the progress of the talks, and there would be a complete briefing on details on Monday. U.S. Treasury Secretary Scott Bessent said on Sunday that there had been “substantial progress” in talks between his team and that of Chinese Vice Premier He Lifeng in Geneva on defusing a trade war between the world’s two largest economies.Published on May 11, 2025
The talks had continued into a second day on Sunday as both sides discussed how to de-escalate a trade war that threatens to inflict major damage on the world economy.
Business
Fed holds rates steady, flags rising risks of inflation and unemployment
Economic picture
With unemployment still low and demand steady, Fed officials have said they are comfortable keeping rates unchanged until they have a better understanding of where the economy is headed. Trump, however, has repeatedly said the central bank should lower borrowing costs.Trump, meanwhile, has ramped up his criticism of Powell in recent weeks. At one point, Trump said in a social media post that “Powell’s termination cannot come fast enough!” Federal Reserve officials held interest rates steady for a third-straight meeting and emphasised they see a growing risk of both higher inflation and rising unemployment.Companies scrambled in the first quarter to import merchandise ahead of the tariffs, and a surge in consumer spending in March suggested households also sought to frontload purchases. Key inflation gauges cooled in the month.Chair Jerome Powell will hold a press conference with reporters at 2:30 p.m. in Washington.Powell and his colleagues are determined to keep tariffs from sparking a persistent rise in inflation, and several officials have signaled they would not support lowering interest rates preemptively to protect against a slowing economy.The S&P 500 index of US stocks and Treasury yields fell following the announcement, while the dollar pared gains.“Uncertainty about the economic outlook has increased further,” the Federal Open Market Committee said in a statement Wednesday at the conclusion of a two-day meeting in Washington. “The committee is attentive to the risks to both sides of its dual mandate and judges that the risks of higher unemployment and higher inflation have risen.”
Published on May 8, 2025
Economic picture
The central bank announced Tuesday that Kansas City Fed President Jeff Schmid would miss the May meeting due to the recent death of his wife. Kansas City was represented by First Vice President Kim Robbins. Schmid’s vote passed to alternate member Neel Kashkari, president of the Minneapolis Fed.“Although swings in net exports have affected the data, recent indicators suggest that economic activity has continued to expand at a solid pace,” the statement said.President Donald Trump‘s trade policy has unleashed a wave of uncertainty across the economy. While the levies are still being negotiated, economists widely expect the expansive tariffs to boost inflation and weigh on growth. That would pit policymakers’ two goals – price stability and maximum employment – against one another.Trump, meanwhile, has ramped up his criticism of Powell in recent weeks. At one point, Trump said in a social media post that “Powell’s termination cannot come fast enough!” Companies scrambled in the first quarter to import merchandise ahead of the tariffs, and a surge in consumer spending in March suggested households also sought to frontload purchases. Key inflation gauges cooled in the month.Officials voted unanimously to keep the benchmark federal funds rate in a range of 4.25 per cent to 4.5 per cent, where it has been since December.
Economists say it will take time for the full effect of the new tariffs to work through the economy. So far, the impact has mainly included a sharp decline in sentiment and a surge in imports. The US economy contracted at the start of the year for the first time since 2022, but a gauge of underlying demand stayed firm.The S&P 500 index of US stocks and Treasury yields fell following the announcement, while the dollar pared gains.But the president has since insisted that he does not intend to fire Powell.
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