Elon Musk's DOGE has a new target for cutting federal spending: getting rid of the U.S. penny
CBSN
Billionaire Elon Musk's Department of Government Efficiency has a new target in its sights for trimming federal spending: the U.S. penny.
In Tuesday X post, Musk's DOGE wrote that the U.S. spends about 3 cents to mint each penny, which, of course, is only valued at 1 cent.
"The penny costs over 3 cents to make and cost U.S. taxpayers over $179 million in FY2023," DOGE wrote. "The Mint produced over 4.5 billion pennies in FY2023, around 40% of the 11.4 billion coins for circulation produced."
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Billionaire Elon Musk's Department of Government Efficiency has a new target in its sights for trimming federal spending: the U.S. penny.
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