President Trump hinted that DOGE savings could be in the hundreds of billions
Millions of U.S. taxpayers might be in for a significant financial boost if Donald Trump follows through with his proposed plan.
Last month, the Trump administration established the Department of Government Efficiency, commonly known as DOGE.
Designed to streamline federal operations, DOGE has teamed up with SpaceX founder Elon Musk.
The initiative focuses on reducing government bureaucracy, eliminating unnecessary regulations, cutting excessive spending, and restructuring federal agencies.
So far, it seems to be making big moves.
DOGE has apparently got a lot in savings Andrew Harnik/Getty Images
What Has DOGE Accomplished So Far?
Since its launch, DOGE has reportedly managed to slash government spending by an impressive $55 billion.
According to the DOGE website, these savings have come from multiple areas, including fraud prevention, contract terminations and renegotiations, asset liquidations, grant eliminations, workforce reductions, and regulatory adjustments.
In a recent update shared on Twitter, DOGE stated that it had "terminated 18 grants for $226mm to Comprehensive Centers," which contributed to its already massive cost-cutting total.
Elon Musk has reportedly set an ambitious goal, aiming to achieve $1 trillion in yearly savings for the federal government.
What Has Trump Said About the DOGE Savings?
During a statement on February 19, President Trump praised the cost-saving efforts of DOGE, calling the accumulated savings "incredible."
"The numbers are incredible, Elon, so many billions — hundreds of billions," he remarked, though he did not specify an exact number beyond what has already been reported.
Trump also floated the idea of how these savings could be allocated, saying: "There's even under consideration a new concept where we give 20 percent of the DOGE savings to American citizens and 20 percent goes to paying down debt."
President Trump revealed their plans at the FII PRIORITY Miami 2025 Summit ROBERTO SCHMIDT/AFP via Getty Images
How Much Could Taxpayers Receive?
Reports suggest that Musk has proposed distributing $5,000 to each American taxpayer.
Known as the "DOGE Dividend," the proposal originally came from James Fishback, the CEO of investment firm Azoria.
Fishback, who has been advising DOGE as an external consultant, first introduced the idea in a tweet.
His post read: "American taxpayers deserve a 'Doge Dividend': 20 per cent of the money that Doge saves should be sent back to hard-working Americans as a tax refund check."
James Fishback proposed the plan to Elon Musk Twitter
"It was their money in the first place! At $2 trillion in Doge savings and 78 million tax-paying households, this is a $5,000 refund per household, with the remaining used to pay down the national debt."
Musk later acknowledged the idea and responded that he would "check with the president."
As for when people could see this money, a part of the proposed plan shared on social media suggested: "79 million American households will receive a $5,000 check next summer because of President Trump's bold leadership."
