President Trump Takes Credit for February Job Gains
"Balance of Power" focuses on the intersection of politics and global business. On today's show, Diana Furchtgott-Roth, Director of the Heritage Foundation Center for Energy, Climate, and Environment, shares her thoughts on what disturbances she's bracing for in the US economy. Elizabeth Wydra, Constitutional Accountability Center President, talks about President Trump going on record saying Elon Musk is the head of DOGE and the potential legal ramifications of the President's comment. Melinda Haring, Senior Fellow at the Atlantic Council's Eurasia Center, discusses the US & Ukraine set to talk next week and what to expect from these conversations. (Source: Bloomberg)
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Newsweek
3 hours ago
- Newsweek
DOGE Terminates Nearly 3,000 Government Phones
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The Department of Government Efficiency (DOGE) announced on Friday that it has significantly expanded its government phone line elimination program, terminating nearly 3,000 devices across multiple agencies. Newsweek reached out to the White House via email on Saturday for comment. Why It Matters DOGE was established by President Donald Trump upon his return to office in collaboration with tech billionaire Elon Musk, with the stated goal of reducing federal government waste and inefficiency. Musk said he had "done enough" and later stepped down in May after serving less than five months as DOGE's leader. The task force claims to have saved $170 billion overall, with its "wall of receipts" accounting for approximately $71 billion in terminated contracts, grants, and leases. The phone line terminations serve as a testing ground for the task force's approach to cost reduction across federal agencies. If successful, DOGE estimates similar cuts could save the federal government up to $100 million annually when applied across all departments. However, the effectiveness and scope of these cuts remain subjects of debate among policymakers and government efficiency experts. Unused phone line update!@SBAgov has continued its phone audit and has now saved ~$2.84M/year in unnecessary spend. This includes: * Traditional Landlines: 96% (661 of 686) terminated, saving ~$650k/year * Mobile Phone: 55% (2,940 of 5,340) deactivated, saving ~$1.7M/year *… — Department of Government Efficiency (@DOGE) June 27, 2025 What To Know DOGE announced on X, formerly Twitter, on Friday that the Small Business Administration (SBA) had deactivated 2,940 of 5,340 mobile phones (55 percent), eliminated 6,505 of 9,195 VOIP licenses (70 percent), and terminated 661 of 686 traditional landlines (96 percent), resulting in annual savings of approximately $2.84 million. The phone line cuts began in May with a pilot program at the Office of Personnel Management (OPM), where 198 "unused" lines were canceled in one hour, saving $100,000 annually, according to a post on X. DOGE extrapolated this data to estimate potential government-wide savings, though critics note that other agencies may not have the same percentage of unused lines. A recent Harvard University/Harris Poll released in May found that cutting the size of government is broadly popular across the nation, with 63 percent of Americans supporting the effort. A majority, 55 percent, said they believe DOGE has been effective at doing so. However, 54 percent of Americans said they believe the task force has "gone about making cuts to government expenses" the "wrong way." The poll surveyed 1,903 registered voters on May 14 and May 15, and had a margin of error of plus or minus 2.2 percentage points. What People Are Saying Elon Musk, former leader of DOGE, posted on X: "Government is wasting about $100 million per year on unused phone lines!" Arkansas Governor Sarah Huckabee Sanders, a Republican, posted on X in May: "We identified the same issue last year with our Arkansas Forward initiative. We are now saving state taxpayers $1 million by eliminating unused phone lines." Immigration attorney Curtis Morrison posted on X in May: "Government not answering phone, and DOGE solution is to cancel phone lines." Elon Musk shows off a shirt that says "DOGE" as he walks on the South Lawn of the white House after stepping off Marine One upon arrival to the White House in Washington, DC on... Elon Musk shows off a shirt that says "DOGE" as he walks on the South Lawn of the white House after stepping off Marine One upon arrival to the White House in Washington, DC on March 9, 2025. More OLIVER CONTRERAS/AFP via Getty Images What Happens Next DOGE plans to continue its cost-cutting efforts across federal agencies in the coming months. However, the task force faces ongoing legal challenges regarding transparency.
Yahoo
7 hours ago
- Yahoo
Doge employee ‘Big Balls' has resigned, says White House official
Edward Coristine, whose nickname 'Big Balls' made him one of the most publicized members of Elon Musk's so-called 'department of government efficiency' (Doge), resigned from the US government this week. The 19-year-old technologist had worked at multiple agencies, most recently the Social Security Administration. Coristine's youth and lack of professional experience were emblematic of a class of Doge staffers tasked with dismantling the federal government under orders from Musk, their de facto leader. The White House official gave no further details on the move and Coristine did not immediately return an email seeking comment. The future of Doge and employees like Coristine has been an open question since Musk left the White House last month. Musk's very public online feud with Donald Trump, which has now settled into an apparent detente, intensified uncertainty over whether controversial Doge staffers would remain part of the administration. Coristine became a source of public fascination and mockery earlier this year after Wired identified him as one of Doge's young engineers and revealed he had gone by the online handle 'Big Balls'. Musk and his supporters embraced Coristine, with the Tesla CEO bringing him on Fox News last month and promoting 'Big Balls' memes on X. Related: The chaos Elon Musk and Doge are leaving behind in Washington Despite only briefly working at Musk's brain implant company Neuralink before joining Doge, Coristine parachuted into major government agencies. Last month, Reuters reported that Coristine was one of two Doge associates promoting the use of AI across the federal bureaucracy. Coristine, like other Doge members, was followed by a shady online history. Media outlets, including Wired which first reported his departure, revealed that Coristine had been active in a chatroom popular with hackers and previously had been fired from a job following an alleged data leak. In March, Reuters reported that Coristine had provided tech support to a cybercrime gang that had bragged about trafficking in stolen data and harassing an FBI agent. Coristine was also fired from a previous internship at a cybersecurity firm for leaking secrets, Bloomberg reported. Among the agencies that Coristine worked at were Health and Human Services, the General Services Administration, the Social Security Administration, and the Cybersecurity and Infrastructure Agency. Doge's cuts during this time gutted public services and targeted tens of thousands of government workers with terminations. Although the exact reasons behind Coristine's departure are unclear, several other Doge staffers have also left since Musk stepped away from his government role. One of Musk's top lieutenants, Steve Davis, left Doge last month after running its day to day operations. Investor Brad Smith, who oversaw cuts at Health and Human Services, also departed. A large number of Doge staffers remain spread throughout various agencies, however, and are continuing to implement cuts. Russell Vought, a top White House budget official and key player in the far-right Project 2025 policy manifesto, has taken on an increased role pushing for Doge's mission since Musk contributed reporting
Yahoo
10 hours ago
- Yahoo
Roger Federer's Long-Term Deals Make Him a Tennis Billionaire
(Bloomberg) -- Tennis superstar Roger Federer is now one of the few athletes who can count themselves a billionaire. Philadelphia Transit System Votes to Cut Service by 45%, Hike Fares US Renters Face Storm of Rising Costs Squeezed by Crowds, the Roads of Central Park Are Being Reimagined Mapping the Architectural History of New York's Chinatown US State Budget Wounds Intensify From Trump, DOGE Policy Shifts Federer, who won 20 Grand Slams between 2003 and 2018, amassed $130.6 million in prize money during a 24-year playing career that ended in 2022. But the bulk of the Swiss star's wealth has come via a series of bumper sponsorship deals, alongside an astute investment in a local sneaker brand. His net worth is about $1.3 billion, according to the Bloomberg Billionaires Index, putting him in elite company. Michael Jordan's hit an estimated $3.5 billion after the sale of his stake in the Charlotte Hornets in 2023, while last year Bloomberg calculated Tiger Woods' wealth at about $1.36 billion. Federer is worth considerably more than $1 billion, according to people close to him who spoke on condition of anonymity. Bloomberg's valuation takes into account Federer's career earnings, investments and endorsement deals, adjusted for prevailing Swiss tax rates and market performance. Many of his deals have lasted decades, from sponsorships with Credit Suisse bank (now UBS Group AG), watchmaker Rolex, and Swiss chocolatier Chocoladefabriken Lindt & Sprungli AG. Federer has also built a close advice network around him, including through Team8, the management company he co-founded with longtime agent Tony Godsick in 2013, and also Swiss firm Format A AG, which helps manage various investments and his charitable foundation. 'Federer is totally scandal free. He never says the wrong thing,' sports analyst Bob Dorfman said. 'He hasn't been a John McEnroe, feisty personality type. But in terms of marketability, he's been one of tennis's best.' Federer's biggest deals came near the end of his career. By 2018, a rolling contract with Nike Inc. — first signed in 1996 — had come up for renewal. Tennis was not a core market for Nike, allowing Godsick to test the water with other potential partners. Uniqlo, a popular brand owned by Japan's Fast Retailing Co., offered Federer $300 million over 10 years to be one of its flagship sports icons. Federer was 37 and close to retirement and the deal had no strings attached, even if he stopped playing. It was a no-brainer. Still, it wasn't Federer's most successful deal. That was an investment that came via an accidental introduction by his wife, who bought a pair of sneakers from up-and coming Swiss brand On. There are plenty of bankers and lawyers in Switzerland, but not many sports brands. Founded in 2010, On had become known as a high-end jogging shoe. Its distinctive sole, with more empty space than rubber, was based off a prototype made by co-founder Olivier Bernhard — a former pro-Ironman — taping offcuts of garden hose to the base of his trainers. Unlike with Nike, Federer could hunt for a footwear sponsor because Uniqlo doesn't make shoes. A sneaker nut who owns well over 250 pairs of trainers (not including ones he played in), Federer called On's founders for dinner in Zurich. Godsick also had a connection with them via an angel investment in the firm. Eventually, a deal was struck for Federer to buy a roughly 3% stake in On Holding AG and to spend time in its lab designing his own shoe. On is now worth close to $17 billion, making Federer's stake at least $500 million, according to Bloomberg's wealth index. Federer has so far avoided overexposure via commentary roles or dubious sponsorships. He recently waved the French flag to start the Le Mans endurance car race, and launched a new Uniqlo clothing collection in Paris. He'll also likely be at Wimbledon — home to his greatest triumphs — when it begins next week. Sign up to the Business of Sports newsletter to read more about Federer and Wimbledon. America's Top Consumer-Sentiment Economist Is Worried How to Steal a House Inside Gap's Last-Ditch, Tariff-Addled Turnaround Push Apple Test-Drives Big-Screen Movie Strategy With F1 Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags ©2025 Bloomberg L.P. Sign in to access your portfolio
