Treasury Secretary Scott Bessent said Friday that the Department of Government Efficiency (DOGE) is making significant strides in cutting federal spending, adding that he is “slightly shocked” by the extent of fraud uncovered—not just waste and abuse.
Speaking in a Feb. 28 interview on Bloomberg Podcasts, Bessent was asked whether DOGE’s cost-cutting measures would have a “material” impact on deficit reduction.
“I think we can make a pretty big hit here,” he replied, explaining that if DOGE identifies $300 billion in savings—which he suggested is possible—it could reduce the annual deficit by approximately 1 percentage point as a share of gross domestic product (GDP)….