welcome
CBS News

CBS News

Business

Business & Economics

Elon Musk's DOGE has a new target for cutting federal spending: getting rid of the U.S. penny

CBS News
Summary
Nutrition label

83% Informative

Elon Musk's Department of Government Efficiency wants to trim federal spending.

The penny costs about 3 cents to make and cost U.S. taxpayers $179 million in FY2023 .

DOGE is taking aim at the penny's costliness, which has only grown over the past several years .

Other nations have ditched their equivalent of the penny .