JPMorgan Chase released a report on Nov. 22, evaluating the newly formed Department of Government Efficiency (DOGE). Established under President-elect Donald Trump and led by Elon Musk and Vivek Ramaswamy, the department’s goal is to streamline federal operations and cut wasteful spending.

“On government efficiency, President-elect Trump is expected to pursue an agenda that advocates for less red tape. Part of this includes a new Department of Government Efficiency (DOGE),” JPMorgan said, adding:

We think the Elon Musk–led department, which aims to cut wasteful government spending, will have a difficult time doing so.

Trump said earlier this month that Musk and Ramaswamy “will pave the way” for his administration “to dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure federal agencies.” He noted: “Importantly, we will drive out the massive waste and fraud which exists throughout our annual $6.5 trillion dollars of government spending.”

Musk has asserted that the Department of Government Efficiency could reduce federal spending by at least $2 trillion, emphasizing the urgency of addressing what he termed “insane government spending” to prevent the U.S. from heading toward bankruptcy. “America is currently headed for bankruptcy super fast,” he stressed, adding that “immediate action is needed to stop the de facto bankruptcy of America.”

JPMorgan explained why DOGE may encounter obstacles, stating:

The bottom line is that Congress controls government spending, and DOGE sits outside of Congress. The department can make all the suggestions it wants, but ultimately it’s the typical 60-vote majority in Congress that makes legislative changes.

“A key concern for investors in 2025 is what parts of the Trump 2.0 agenda will be emphasized and which ones will fade,” the global investment bank concluded.

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