The treasury secretary added that DOGE's efforts could eventually lead to “several percent of GDP that we are saving.”

Treasury Secretary Scott Bessent has a new plan in the fight to bring down historically high interest rates, and it’s got nothing to do with the Federal Reserve.

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill

Treasury Secretary Scott Bessent said Donald Trump is not asking the Federal Reserve to lower its short-term interest rates, but what he and the president do want is to bring down longer-term borrowing costs via 10-year Treasury yields.

The month-old Department of Government Efficiency led by billionaire Elon Musk has saved American taxpayers $55 billion, according to the latest update from the group. Its ‘Wall of Receipts’ on its new website catalogues where the department has made cuts and how much those cuts are worth.