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2mo ago

Trump Claims U.S. Debt May Be Overstated Due to Treasury Fraud

President Trump and Elon Musk's efficiency team allege fraudulent government payments could reduce the perceived national debt.

A view shows a bronze seal beside a door at the U.S. Treasury building in Washington, U.S., January 20, 2023.  REUTERS/Kevin Lamarque/File Photo
The exterior of the Marriner S. Eccles Federal Reserve Board Building is seen in Washington, D.C., U.S., June 14, 2022. REUTERS/Sarah Silbiger/File Photo

Overview

  • President Trump suggested the U.S. national debt, currently at $36.2 trillion, might be inflated due to fraudulent activities in the Treasury Department.
  • Elon Musk's Department of Government Efficiency (DOGE) has identified potential fraud involving $50 billion annually in government entitlement payments, such as Medicare and Social Security.
  • Trump's comments have raised questions about the scope of fraud, but no specific evidence has been provided regarding public debt or Treasury securities.
  • Musk's team has introduced measures to improve payment auditing, including categorization codes and a 'do-not-pay' list for fraudulent entities.
  • Experts caution that even if fraud is uncovered, the potential savings would represent only a fraction of the national debt and its growing interest payments.