Custodia Bank CEO Caitlin Long’s Suggestions for Elon Musk’s $2 Trillion Federal Budget Reduction Using ‘DOGE’
Caitlin Long, CEO of Custodia Bank, Shares Insights for Elon Musk’s Department of Government Efficiency (DOGE) Proposal
Key Points:
– Caitlin Long, CEO of Custodia Bank, offers recommendations for Musk’s proposed Department of Government Efficiency (DOGE), aimed at slashing $2 trillion from federal spending.
– Musk suggests a $2 trillion reduction from the $6.5 trillion federal budget, criticizing spending under the Biden-Harris administration.
– DOGE’s price rose by 4% as optimism around reaching $1 grows.
At a New York City rally with Donald Trump and other speakers, Musk stated his goal to reduce wasteful government spending and put citizens’ money back in their hands. Trump proposed Musk lead the Department of Government Efficiency (DOGE), in a nod to the cryptocurrency Musk has popularized.
Custodia CEO Pushes for Swift Action on DOGE
- On October 28, Long urged Musk and DOGE founding member Howard Lutnick to address excessive regulatory practices that impact businesses like Custodia. She highlighted that the Department of Government Efficiency should act quickly, especially with Democrats possibly regaining Senate control in 2026. For lasting impact, Long argued DOGE must move swiftly to avoid reversal by future administrations.
- Long also cautioned that cutting federal spending might risk economic slowdown, as government spending constitutes 23% of the U.S. GDP. She argued for a shift away from GDP as a primary economic measure, suggesting two recommendations:
1. Move beyond GDP, which overlooks business-to-business (B2B) and supply chain spending.
2. Focus on “gross output,” which better reflects economic performance by including B2B activity.
Long sees an opportunity for DOGE to redefine economic success. She suggests that while reducing government spending might initially lower GDP, the reallocation of jobs and capital to the private sector could spur real growth through increased B2B activities.
DOGE Price Surges 4%
- DOGE’s price saw a 4% rise over the past day, now trading at $0.143, with a trading volume spike of 90% over 24 hours, reflecting strong interest among traders. The cryptocurrency has gained 40% in value this month, as Musk’s DOGE-related announcements fuel optimism within the community, with many watching for a potential rally to $1 should Trump win the presidency.
