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President Trump’s plan to eliminate the penny could save the government money, but there’s no guarantee.President Trump recently ordered the U.S. Mint to stop producing pennies, for a simple-sounding reason. Each penny, he said, has “literally cost us more than 2 cents.”He’s right. Since 2006, the government has spent more money minting pennies than those pennies have been worth. More
Even as the billionaire tech executive Elon Musk is seemingly everywhere in Washington, his role remains murky.Early on in his interview with President Trump and Elon Musk yesterday, Fox News’s Sean Hannity tried ever so gently to get to the bottom of an important question: What does Musk actually do?“He’s your tech support?” Hannity asked, referring to the words on the T-shirt Musk had opened his blazer to reveal a few moments earlier.Musk said he was.“He’s much more than that,” Trump insisted.The exchange did little to answer the question. Musk’s precise role and responsibilities remain so vague, and so shrouded in secrecy, that even he and the president haven’t quite agreed on what to call it, or exactly how to talk about it.Trump once said that it would be Musk’s job to “lead” the so-called Department of Government Efficiency, but a court filing this week said he was not actually the administrator of that effort — although it did not say who was. The White House has called Musk a “special government employee,” and Karoline Leavitt, the press secretary, insisted that the department merely advised agencies, without the authority to fire people.“He’s more powerful than a cabinet secretary, but he is not Senate-confirmed,” said Jessica Riedl, a senior fellow at the Manhattan Institute and a former Republican Senate aide, who added that, at the same time, Musk offers little public information about his day-to-day activities.The White House has not laid out exactly how many people are part of Musk’s team, or exactly what they are doing. For all of Musk’s promises of transparency, the public is learning about his team’s work largely through reporting and through, as my colleague Zach Montague pointed out today, legal filings. Even judges are having difficulties ascertaining basic facts about the group’s incursion into agencies and the data its staff is collecting.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More
The American president’s latest remarks embracing Vladimir Putin’s narrative that Ukraine is to blame for the war have compounded the sense of alarm among traditional allies.President Emmanuel Macron of France called a second emergency meeting of European allies on Wednesday seeking to recalibrate relations with the United States as President Trump upends international politics by rapidly changing American alliances.Mr. Macron had already assembled a dozen European leaders in Paris on Monday after Mr. Trump and his new team angered and confused America’s traditional allies by suggesting that the United States would rapidly retreat from its security role in Europe and planned to proceed with peace talks with Russia — without Europe or Ukraine at the table.Mr. Trump’s remarks late on Tuesday, when he sided fully with Russia’s narrative blaming Ukraine for the war, have now fortified the impression that the United States is prepared to abandon its role as a European ally and switch sides to embrace President Vladimir V. Putin of Russia.It was a complete reversal of historic alliances that left many in Europe stunned and fearful.“What’s happening is very bad. It’s a reversal of the state of the world since 1945,” Jean- Yves Le Drian, a former French foreign minister, said on French radio Wednesday morning.“It’s our security he’s putting at risk,” he said, referring to President Trump. “We must wake up.”Fear that Mr. Trump is ready to abandon Ukraine and has accepted Russian talking points has been particularly acute in Eastern and Central Europe, where memories are long and bitter of the West’s efforts to appease Hitler in Munich in 1938 and its assent to Stalin’s demands at the Yalta Conference in 1945 for a Europe cleaved in two.“Even Poland’s betrayal in Yalta lasted longer than Ukraine’s betrayal in Riyadh,” Jaroslaw Walesa, a Polish lawmaker and the son of Poland’s anti-Communist Solidarity trade union leader, Lech Walesa, said Wednesday on social media, referring to the American-Russian talks in Saudi Arabia on Tuesday.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More
Russian officials are arguing that American companies stand to make billions of dollars by re-entering Russia. The White House is listening.The Russian government’s top investment manager, who has Harvard and McKinsey credentials and fluent English, brought a simple printout to Tuesday’s talks with the Trump administration in Saudi Arabia.Its message: By pulling out of Russia in outrage over the invasion of Ukraine, American companies had walked away from piles of cold, hard cash.“Losses of U.S. companies by industry,” read the document, which Kirill Dmitriev, the head of Russia’s sovereign wealth fund, showed to a New York Times reporter. “Total losses,” one of the columns said. The sum at the bottom: $324 billion.In appealing to President Trump, the Kremlin has zeroed in on his desire to make a profit. President Vladimir V. Putin said last month that the two leaders “have a lot to talk about” when it comes to energy and the economy. Sergey V. Lavrov, Russia’s foreign minister, said after Tuesday’s meeting that “there was great interest” in the room “in removing artificial barriers to the development of mutually beneficial economic cooperation” — an apparent reference to lifting American sanctions.Remarkably, the Trump administration appears to be engaging with Russia’s message without demanding payment up front. After Ukraine suggested the possibility of natural resource deals to Mr. Trump, his treasury secretary pushed to have the country sign away half its mineral wealth. And Mr. Trump continues to portray American allies as freeloaders, threatening more tariffs and demanding they pay more for their own defense.With Russia, by contrast, the administration seems to be signaling that the one thing Mr. Putin has to do to pave the way for a full reset in Moscow’s relationship with Washington is end the war in Ukraine. Many Europeans and Ukrainians fear Mr. Trump will seek a peace deal on Russia’s terms, especially after the American president suggested on Tuesday that Ukraine was to blame for the Russian invasion.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More
When President Trump signed an order imbuing the so-called Department of Government Efficiency with even more power over the federal work force, Elon Musk was there, championing the work as an exercise in transparency.“All of our actions are maximally transparent,” Mr. Musk said last week, standing in the Oval Office. “In fact, I don’t think there’s been — I don’t know of a case where an organization has been more transparent than the DOGE organization.”But in case after case, federal judges have begged to differ.The work of Mr. Musk, who Mr. Trump has said is the leader of the operation tasked with making “large scale” reductions across every department, has been largely shrouded in secrecy. Team members have spent weeks burrowing into multiple federal agencies, demanding access to data for undisclosed purposes.Anxious career employees have received little direct information, leaving them reliant on office rumors and news reports for updates. The identities of the members of Mr. Musk’s team, too, have been closely held.Court filings in the torrent of lawsuits challenging the incursions have offered a crucial, though limited, window. As some of the only firsthand accounts of what Mr. Musk’s associates are doing across a number of departments, they paint a picture of a tightly managed process in which small groups of government employees have swept in and out of agencies, grabbing up data in apparent pursuit of larger political projects.The filings have also offered revelations about what information security and ethics trainings those employees have undergone. But many questions remain, frustrating the judges trying the cases.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More
The biggest single line item on the website of Elon Musk’s cost-cutting team appears to include an error.The Department of Government Efficiency, the federal cost-cutting initiative championed by Elon Musk, published on Monday a list of government contracts it has canceled, together amounting to about $16 billion in savings itemized on a new “wall of receipts” on its website.Almost half of those line-item savings could be attributed to a single $8 billion contract for the Immigration and Customs Enforcement agency. But it appears that the DOGE list vastly overstated the actual intended value of that contract. A closer scrutiny of a federal database shows that a recent version of the contract was for $8 million, not $8 billion. A larger total savings number published on the site, $55 billion, lacked specific documentation.The contract, with a company called D&G Support Services, was to provide “program and technical support services” for the Office of Diversity and Civil Rights at ICE. The Trump administration has been purging diversity programs from the federal government.By examining past versions of the contract listed on the Federal Procurement Data System, The Upshot determined that the federal award, approved in September 2022, had initially listed a total value of $8 billion. But on Jan. 22 this year, that figure was updated to $8 million. According to the database, the contract was terminated about a week later. (For context, $8 billion is nearly the size of the entire budget of the Centers for Disease Control and Prevention.)It’s possible that DOGE or someone else in the Trump administration can claim credit for fixing the error in the contracting database, given that the value was downgraded to $8 million two days after President Trump took office. But it is also clear that the government was not spending $8 billion on the contract. In the two and a half years since it was signed, $2.5 million had been spent; the contract appeared set to expire in 2027.The DOGE website initially included a screenshot from the federal contracting database showing that the contract’s value was $8 million, even as the DOGE site listed $8 billion in savings. On Tuesday night, around the time this article was published, DOGE removed the screenshot that showed the mismatch, but continued to claim $8 billion in savings. It added a link to the original, outdated version of the contract worth $8 billion.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More
Who, exactly, runs the so-called Department of Government Efficiency?You might think it would be Elon Musk, the man who President Trump said “will lead the Department of Government Efficiency” alongside Vivek Ramaswamy, before Mr. Ramaswamy stepped away from it last month.But when Mr. Trump set up the cost-cutting body in an executive order on his first day, the order did not say who its “administrator” would be. Section 3(b) of the order reads: “There shall be a USDS Administrator established in the Executive Office of the President who shall report to the White House Chief of Staff,” using the abbreviation for United States DOGE Service, the official name of the effort, which is not actually a cabinet-level department. Last week, White House representatives did not respond to repeated requests to identify that administrator.Then on Monday evening, a White House official stated plainly that “Mr. Musk is not the U.S. DOGE Service Administrator.” The official, Joshua Fisher, made the statement in a declaration to a judge, U.S. District Judge Tanya S. Chutkan, who is hearing a case filed by Democratic attorneys general against Mr. Musk and the DOGE effort.Mr. Fisher added that Mr. Musk was “an employee in the White House Office” and “not an employee of the U.S. DOGE Service.”Mr. Trump often talks about Mr. Musk as the functional leader of the DOGE effort, featuring him in a news conference last week where Mr. Musk answered questions about it.A lot of secrecy has surrounded DOGE despite Mr. Musk’s attempts to position it as “maximally transparent.” The White House’s unwillingness to state who its administrator is only adds to that sense of opacity.DOGE’s predecessor organization, the U.S. Digital Service, had administrators whose roles were public, most recently Mina Hsiang.Leaders of Mr. Musk’s effort who could conceivably be its “administrator” include Steve Davis, Mr. Musk’s right-hand man for two decades, who has overseen the day-to-day work of his efforts in Washington, and Brad Smith, an official in the first Trump administration who has been intimately involved in DOGE’s moves. A White House spokesperson did not respond to another request for comment on Monday evening in response to Mr. Fisher’s declaration.The administrator has several powers, according to the executive order. Those include helping agency heads choose their DOGE team members and starting a “Software Modernization Initiative” to update the government’s technology. A second executive order, released last week, said the DOGE administrator would receive a monthly hiring report from each federal agency and would submit a report in 240 days to Mr. Trump on the order’s implementation.It is not known who that report’s author will be. More
Some tech companies are delaying or pulling their listing plans as the Trump administration’s tariff announcements and other changes cause market volatility and uncertainty.Turo, a car rental start-up in San Francisco, has been trying to go public since 2021. But a volatile stock market in early 2022 delayed its listing. Since then, the company has waited for the right moment.Last week, Turo pulled its listing entirely. “Now is not the right time,” Andre Haddad, the company’s chief executive, said in a statement.For months, investors have eagerly anticipated a wave of initial public offerings, spurred by President Trump’s new administration. Since his election victory in November, which ended a tumultuous campaign season, Corporate America and Wall Street have heralded the start of a pro-business, anti-regulation period. The stock market soared ahead of an expected bonanza of deal making.But the administration’s tariff announcements and rapid-fire regulatory changes have created uncertainty and volatility. Worsening inflation has set off market jitters. And the emergence of the Chinese artificial intelligence app DeepSeek last month caused investors to question their optimistic bets on U.S. tech, leading to a drastic sell-off among A.I.-related stocks.All that has affected initial public offerings. “The calendar just went from fully booked to being wide open in a span of like three weeks,” said Phil Haslett, a founder of EquityZen, a site that helps private companies and their employees sell their stock.So far this year, the pace of public offerings is ahead of last year’s, with companies raising $6.6 billion from listings, up 14 percent compared with this time last year, according to Renaissance Capital, which manages I.P.O.-focused exchange traded funds.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More
