Musk first described the DOGE blueprint and attempted to enhance market confidence in US debt

PANews news on February 3rd, according to Jinshi’s report, Musk, who controls the US Department of Efficiency’s ‘DOGE’, recently outlined a blueprint to significantly reduce US expenditures and regulations, including the abolition of the US International Development Agency (USAID). Musk stated in the X Spaces audio conference that a thorough cleanup of US regulations is needed. As Trump’s biggest donor, he revealed that his team is pushing to close this foreign aid agency established by the US Congress, which would be the largest reduction plan to date. In addition, Musk also announced that he will have a conversation with Jamie Dimon, CEO of JPMorgan Chase, this week, trying to convince the bond market to believe in his “DOGE” cost reduction plan, which can enhance the market’s confidence in U.S. debt. Any signs of significant spending cuts and improvement in fiscal deficits are good news for investors betting on a decline in U.S. bond yields. The nearly one-hour audio discussion is Musk’s first detailed discussion of the “DOGE plan” after Trump’s victory. Republican senators Joni Ernst, Mike Lee, and former “DOGE” co-chair Vivek Ramaswamy all participated in this free discussion. Analysts believe that Musk’s intensive actions in the first two weeks of the Trump administration indicate that the authority of “DOGE” has far exceeded the scope of the executive order that created the department - the order only requires it to “improve government efficiency and productivity through upgrading federal technology software”.