US President Donald Trump has said his administration is considering a proposal to return 20 per cent of the savings identified by the Elon Musk-led Department of Government Efficiency (DOGE) to American citizens, while another 20 per cent would be allocated toward reducing the federal government’s debt.

Speaking at a gathering of global financiers and tech executives hosted by Saudi Arabia’s sovereign wealth fund in Miami, Trump described the idea as a “new concept” under discussion within his administration.

“[We are considering] a new concept where we give 20 per cent of the DOGE savings to American citizens and 20 per cent goes to paying down debt because the numbers are incredible. So many billions, hundreds of billions are being saved…so we’re thinking of giving 20 per cent back to the American people,” Trump said.

The idea originated from businessman James Fishback, who shared a four-page memo on X on Tuesday proposing a “DOGE dividend”.

Musk took notice and replied, “Will check with the President.”

Fishback’s memo proposes allocating 20 per cent of DOGE’s savings-an estimated USD 400 billion-to distribute USD 5,000 checks to all tax-paying households after DOGE ends in July 2026.

This estimate is based on DOGE reaching USD 2 trillion in savings, which Musk calls a “best-case outcome”, with USD 1 trillion as the primary goal.

Trump’s remarks came after DOGE claimed it had saved billions of dollars since he took office on January 20. The department, spearheaded by Musk, has aggressively cut government contracts, eliminated federal jobs, and sold off government assets in a sweeping cost-cutting effort.

According to DOGE, these measures have resulted in USD 55 billion in savings, though the agency acknowledged that itemised figures for contract cancellations and lease terminations accounted for only a fraction of that total. The department said it would continue releasing data to substantiate its savings claims.

Despite DOGE’s assertions, skepticism remains over the extent of its reported financial impact. A Reuters analysis of partial data published by the agency found that most of the identified savings came from terminating relatively small contracts, including those for computer systems and workforce training.

So far, the initiative has cut USD 8.5 billion in federal spending, with individual contract cancellations averaging around USD 7.7 million. The broader claim of USD 55 billion in savings, however, has yet to be fully accounted for, raising questions about how the remaining funds were calculated.

The cost-cutting initiative has not been without controversy. Since its inception, DOGE has drastically reshaped the federal workforce, laying off tens of thousands of employees and shuttering key programs.

The agency reported slashing USD 6.5 billion from the US Agency for International Development (USAID), effectively dismantling its operations.

It also cut USD 501 million from the Department of Education and USD 232 million from the Social Security Administration, including a major contract supporting the agency’s technology infrastructure. However, many of these contracts were long-term agreements with funds already disbursed, making it unclear how much of the reported savings will translate into actual budget reductions.

Trump had previously defended DOGE’s decision-making, particularly regarding its controversial move to cancel a USD 21 million fund designated for “voter turnout” efforts in India. Just days earlier, he had questioned the rationale behind such financial support, arguing that India’s economic position and trade policies did not warrant US funding for its electoral initiatives.

“Why are we giving USD 21 million to India? They have a lot more money. They are one of the highest-taxing countries in the world in terms of us; we can hardly get in there because their tariffs are so high. I have a lot of respect for India and their Prime Minister, but giving USD 21 million for voter turnout?” Trump said after signing executive orders at Mar-a-Lago on Tuesday.

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