'Elon and I are completely aligned on cutting waste,' says Treasury Secretary Bessent

• Treasury Secretary Scott Bessent said he's on the same page as Elon Musk when it comes to cutting waste.
• Bessent told Bloomberg the Musk-led Department of Government Efficiency can make "gigantic savings."
• He also dismissed concerns about DOGE staff's access to the Treasury's payment systems.

Treasury Secretary Scott Bessent told Bloomberg Podcasts on Thursday that he and Elon Musk were "completely aligned" when it came to waste.

"Elon and I are completely aligned in terms of cutting waste and increasing accountability and transparency for the American people," he said.

"I believe that this DOGE program in my adult life is one of the most important audits of government, changes to the government structure we have seen," Bessent added. "I think there are gigantic savings for the American people here."

Since President Donald Trump created the Department of Government Efficiency and brought it inside the White House by executive order, his administration has taken swift actions to roll back regulations and cut spending.

Trump's administration has implemented a hiring freeze across federal agencies. It has also canceled multiple government contracts, including those related to Diversity, Equity, and Inclusion initiatives, and is moving forward with plans to dismantle the US Agency for International Development.

The policies have sparked a slew of lawsuits, legal challenges, unions opposition, and public protests outside federal offices.

Federal worker unions sued the Treasury Department on Monday, accusing the agency of granting Musk access to private sensitive data.

On Tuesday, Trump said he gave DOGE staff "read-only" access to the Treasury's payment systems. These systems control trillions of dollars worth of payments, including Social Security benefits, tax refunds, and veterans' benefits.

In his interview with Bloomberg, Bessent dismissed concerns, saying that DOGE staff had "read-only" access and could make "no changes."

He described the group as an "operational program to suggest improvements."

"These are highly trained professionals, this is not some roving band running around doing things," he said.

Bessent spoke shortly after Musk wrote in an X post that "Billions of taxpayer dollars to known FRAUDULENT entities are STILL being APPROVED by Treasury."

Musk added, "This needs to STOP NOW!"

Bessent also referred to the Grace Commission Report, a study conducted during the Reagan administration that proposed major reforms across various departments and agencies in order to reduce the US national debt in 1984.

"There were some great suggestions that came out of that," he said, but "nothing happened."