Elon Musk and Vivek Ramaswamy are set to co-lead the Department of Government Efficiency (DOGE), a new U.S. initiative aimed at significantly reducing federal spending under President-elect Donald Trump. Initially conceived as a joke, DOGE aims to tackle regulations and wasteful expenditures. However, it will function outside traditional government structures, lacking official congressional designation and funding. The initiative seeks to streamline government operations, potentially eliminating many federal jobs and agencies. Musk has indicated a target reduction in federal spending of $2 trillion, whereas Ramaswamy envisions cutting up to 75% of the workforce. Despite planned activities, including reports on efficiency and a podcast called DOGEcast for updates, details remain sparse about staffing and specific directives. The initiative's playful name and branding also connect it to Dogecoin, the cryptocurrency Musk frequently promotes, further stirring interest and market activity around DOGE coin prices post-announcement.

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