Custodia Bank CEO Caitlin Long called on Elon Musk, who supports the proposal to cut at least $2 trillion from the US federal budget, to step up. Musk, one of the leading figures in the US, joined Republican presidential candidate Donald Trump and many other speakers at a rally held in Madison Square Garden in New York. The price of Dogecoin (DOGE) experienced movement following the developments. Here are the details…
A statement came from the CEO of Custodia Bank for Dogecoin
Custodia Bank CEO Caitlin Long shared her proposals to the Department of Government Efficiency (DOGE) after Elon Musk proposed to cut at least $2 trillion from the US federal budget. Musk joined Republican presidential candidate Donald Trump and about two dozen other speakers at a rally held in Madison Square Garden in New York City. Custodia Bank CEO Caitlin Long made the post on Oct. 28 after Elon Musk predicted that at least $2 trillion would be saved from the $6.5 trillion wasted by the Biden-Harris administration. During Trump’s rally at MSG, Musk said, “Your money is being wasted. We’re going to get the government off your back and out of your pocket.”
Trump announced that if elected president, he plans to put Musk in charge of a spending-cutting effort he calls the “Department of Government Efficiency” (DOGE). The name DOGE refers to Dogecoin, a cryptocurrency that Musk also supports. Custodia Bank CEO Long said that Howard Lutnick and Musk, who were proposed as founding members of the DOGE department, should also consider regulations that harm federal workers and businesses. “The regulatory pressures are quite frightening,” Long said, adding that cuts in government spending could pose a risk to Democrats who are aiming to win the Senate majority in 2026. Long also said:
If the DOGE team is planning to do something really big, it needs to be fast if it has any chance of sticking around and not being overturned by the next president.
What are Long’s suggestions?
Long warned that one problem Musk’s DOGE (Dogecoin’s namesake government arm proposal) will face after reducing federal spending is economic stagnation, since US government spending is 23% of US GDP. He believes the government is incorrectly viewing increased spending relative to GDP. “That’s the wrong metric, and they’ll need to explain why,” the Custodia Bank CEO added. He suggests two things:
- Stop focusing on GDP, which ignores the amount of B2B or supply chain spending.
- Start measuring economic performance by “gross output,” which includes B2B spending.
Long also said:
Stop measuring the economy by GDP growth. Reducing public spending will directly reduce GDP, but more importantly, reallocating capital and labor to the private sector will increase B2B (business-to-business) activities, and that’s where the real growth lies.
DOGE price jumps
Meanwhile, Elon Musk also showed that he hasn’t forgotten about Dogecoin with the tweet below. DOGE price has increased by more than 4 percent in the last 24 hours and is currently trading at $0.143. The 24-hour low and high are $0.136 and $0.145 respectively. Also, trading volume has increased by 90 percent in the last 24 hours, indicating great interest among investors. The price has increased by 40 percent this month amid Musk’s DOGE developments and posts. The crypto community is expecting DOGE to hit $1 after Donald Trump’s victory.
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