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U.S. President Donald Trump suggested that the nation's debt might be lower than estimated, citing possible fraud in debt payments. Speaking aboard Air Force One en route to the Super Bowl in New Orleans, Trump questioned the accuracy of the $36.2 trillion public debt reported by the U.S. Treasury.
Trump has enlisted billionaire Elon Musk to spearhead a government overhaul, which has sparked protests and legal challenges. Musk’s "Department of Government Efficiency" has disrupted federal agencies, raising concerns about privacy and security as it examines payroll and spending records.
"We're even looking at Treasuries," Trump said, hinting at potential discrepancies. "It could be that some of that stuff is very fraudulent, meaning we may have less debt than we thought." His remarks raise speculation about how Musk’s team might handle U.S. Treasuries, a cornerstone of the global financial system.
A federal judge recently blocked Musk's team from accessing government payment systems, citing risks of improper data disclosure. Following the ruling, Musk announced measures to improve payment oversight, including requiring justification for outgoing payments and frequent updates to a "do-not-pay" list.
Treasury Secretary Scott Bessent clarified that Musk’s team had “read-only” access and that payment decisions remain with other agencies. However, concerns persist over the extent of Musk’s influence on federal finances.
Trump’s comments could impact financial markets, as investors closely monitor any policy shifts regarding U.S. debt. The administration’s push for greater oversight in government spending signals a potentially disruptive shift in fiscal policy.
