Government deficit rose 4% in Trump's first full month in office, despite DOGE. UBS says the U.S. is slashing confidence, not spending

Elon Musk speaks with President Donald J Trump and reporters in the Oval Office at the White House on Tuesday, Feb 11, 2025 in Washington, DC. (Credit: Jabin Botsford/The Washington Post - Getty Images)

• Elon Musk's cost-cutting efforts at the Department of Government Efficiency have yet to reduce the federal deficit overall; it more than doubled month on month in February to over $1.1 trillion for FY 2025. Meanwhile, concerns grow over America's soaring debt-to-GDP ratio, projected to reach 166% by 2054, as President Trump's proposal to sell "gold cards" to wealthy immigrants faces skepticism due to the limited pool of eligible buyers.

Elon Musk has framed his cost-cutting initiatives at the Department of Government Efficiency (DOGE) as a project that will halve the federal deficit with "competency and trust."