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Business & Economy
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Business & Economy
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Musk, Ramaswamy headed for Capitol
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House Speaker Mike Johnson (R-La.) has announced plans to host Elon Musk and Vivek Ramaswamy, the co-leads of the newly established “Department of Government Efficiency” (DOGE), at the Capitol next week.
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“Looking forward to hosting @elonmusk and @VivekGRamaswamy next week on Capitol Hill to discuss major reform ideas to achieve regulatory rescissions, administrative reductions, and cost savings—& revive the principle of limited government,” Johnson wrote in a post on social platform X.
DOGE is intended to “slash excess regulations” and to cut wasteful expenditures. Musk and Ramaswamy will advise federal departments and agencies on best spending practices as an external partner to the White House Office of Management and Budget.
The Senate has already created a corresponding DOGE Caucus, which Iowa Sen. Joni Ernst (R) is set to lead. Rep. Marjorie Taylor Greene (R-Ga.) will chair the House’s Delivering on Government Efficiency (DOGE) Subcommittee within the House Oversight and Accountability Committee.
It is unclear how much cooperation the effort will get from Democrats, though Rep. Ro Khanna (D-Calif.) suggested his party would be interested in working with DOGE to reduce defense spending.
“When it comes to cutting waste, fraud, and abuse and opening the 5 primes to more competition, there are Democrats on HASC who will work with @elonmusk and @DOGE,” Khanna posted on X.
His words received a nod from Musk, who responded, “Cool!”
The Hill’s Ashleigh Fields has more here.
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Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.
Programming note: The Business & Economy newsletter will return Monday Dec. 2 after a break through the end of the week for Thanksgiving.
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Did someone forward you this newsletter? Subscribe here.
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Key business and economic news with implications this week and beyond:
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Chuck Todd: Trump tariffs are a ‘guacamole tax’
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NBC News’s Chuck Todd warned Wednesday that President-elect Trump’s plans for tariffs will likely increase the cost of avocados, calling it a “guacamole tax.”
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Menendez asks judge to toss conviction, grant new trial over improper evidence shown to jury
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Former Sen. Bob Menendez (D-N.J.) has asked a federal judge to throw out his corruption conviction and grant a new trial after it was revealed that jurors were accidentally shown improper evidence while deliberating.
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Hyundai recalls more than 200K cars, SUVs over faulty rearview cameras
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Hyundai recalled more than 226,000 vehicles due to issues with the rearview camera, according to documents filed with the National Highway Traffic Safety Administration.
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Want a recap of the day’s biggest news? Sign up for The Hill’s Evening Report — breaking down the most important stories of the day and looking ahead to tomorrow. Click here to sign up
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Upcoming news themes and events we’re watching:
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- The U.S. stock markets will be closed for the Thanksgiving holiday on Thursday.
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Branch out with more stories from the day:
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2 Tennessee tax preparers charged with filing $65 million in false claims under pandemic programs
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MEMPHIS, Tenn. (AP) — Two tax preparers submitted $65 million in false claims for refunds under programs …
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Business and economic news we’ve flagged from other outlets:
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- Stocks slip the day before Thanksgiving as Nvidia, Dell decline (CNBC)
- What could get more expensive if Trump launches a new trade war with Mexico and Canada (CNN)
- Thanksgiving travel period off to a record start (Reuters)
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Top stories on The Hill right now:
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Musk accuses Trump whistleblower Vindman of ‘treason,’ says ‘he will pay’
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Elon Musk on Wednesday suggested retired Army Lt. Col Alexander Vindman “committed treason” and “will pay” after the former Trump impeachment witness accused the tech billionaire and close Trump ally of being unwittingly used by Russia. Read more
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5 key takeaways from Israel-Lebanon ceasefire brokered by US
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President Biden’s announcement Tuesday of a ceasefire between Israel and Hezbollah in Lebanon marked a significant foreign policy achievement weeks before he leaves office. Read more
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Opinion related to business and economic issues submitted to The Hill:
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- Trump’s tariffs threats are all sizzle and no steak — at least, we’d better hope so
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You’re all caught up. See you next week!
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