Elon Musk and Vivek Ramaswamy, co-chairs of the newly established Department of Government Efficiency (DOGE), are expected to play a pivotal role in reducing government spending waste, according to businessman Kevin O’Leary. Speaking on Varney & Co., O’Leary emphasized that there is significant potential for improving efficiency within the government.
“There’s lots of room for efficiency,” O’Leary said, adding that many CEOs in the S&P 500 cite regulation as one of the highest costs impacting their companies’ bottom lines. O’Leary, who is known for his involvement in a wide range of industries, pointed out that excessive regulation contributes greatly to escalating costs.
Ramaswamy, who joined Fox News’ Sunday Morning Futures to discuss the mission of DOGE, outlined the agency’s first steps to tackle the national deficit, which includes plans to reduce federal spending by $2 trillion. He mentioned that simplifying the tax code would be a crucial aspect of this effort, alongside substantial cuts to the federal workforce, particularly within the defense sector.
He pointed to the Pentagon’s inability to pass an audit for seven consecutive years despite managing nearly $1 trillion in budget, stating that such waste and inefficiency must be exposed to the public.
Ramaswamy also expressed that DOGE would take immediate action through executive orders, with the ultimate goal of setting the stage for legislative changes that could help reduce the deficit and streamline government spending.
Earlier this month, President-elect Donald Trump appointed Musk and Ramaswamy to head DOGE, a department tasked with finding ways to reduce government bureaucracy and reform federal agencies from an outsider’s perspective.
While DOGE is not an official government agency, meaning Musk and Ramaswamy are not cabinet members or federal employees, their work is expected to have a significant impact. Their efforts are set to be completed by July 4, 2026, the 250th anniversary of the signing of the Declaration of Independence.
O’Leary also highlighted the pressing need for regulatory simplification, stating that reducing regulation by even 30% could significantly cut costs for businesses, especially those like his, which are burdened by escalating compliance costs. He pointed out that between consultants, auditors, and lawyers, the cost of staying compliant with constantly changing rules has been rising by 20% annually across all sectors of the economy.
Ramaswamy further emphasized that the anticipated executive actions by DOGE will pave the way for Congress to take meaningful steps toward budget reductions, which could help tackle the growing national deficit.