(5MinNewsBreak.com) – In a high-profile warning for the nations, five former Treasury secretaries have revealed they are shocked by actions taken by Trump administration officials and Elon Musk’s DOGE team, claiming those may significantly threaten the stability of U.S. financial commitments.
See the tweet below!
This message sounds the alarm that the nation’s economic future is being undermined in a way that resembles a “form of default,” affecting both national and global markets.
According to a joint op-ed, the secretaries expressed concern over political appointees replacing non-partisan civil servants, particularly in relation to Elon Musk’s controversial “department of government efficiency” or DOGE.
This unprecedented arrangement raises questions about privacy, cybersecurity, and national security, not to mention its potential constitutional implications.
The risks, they warn, extend to the very backbone of our payment system’s critical infrastructure if these issues are not addressed and managed with the utmost responsibility.
The group comprises eminent figures such as Robert Rubin, Lawrence Summers, Timothy Geithner, Jacob Lew, and Janet Yellen, each serving under Democrat presidencies, which perhaps frames their concerns.
These leaders argue that political manipulation of federal payments contradicts the intended role of legislative branches in deciding spending, posing a grave danger to democratic principles.
This sentiment is reinforced by the ongoing legal battles over access to Treasury’s payment systems, where Musk’s team has intervened to the point of threatening to cut off funding to key agencies like USAid.
“Five former Treasury secretaries warned that recent actions by the Trump administration and Elon Musk’s DOGE team at the Treasury Department raise ‘substantial cause for concern’ that the United States’ financial commitments are being ‘unlawfully’ undermined,” reports Newsbreak.
“Any hint of the selective suspension of congressionally authorized payments will be a breach of trust and ultimately, a form of default,” five former U.S. Treasury secretaries write. “And our credibility, once lost, will prove difficult to regain.”https://t.co/J01FVZEPyn
— New York Times Opinion (@nytopinion) February 10, 2025
President Trump’s economic advisor, Kevin Hassett, countered these claims, defending Treasury Secretary Scott Bessent while criticizing previous financial mismanagement.
Hassett dismissed the involvement of Musk in Treasury affairs as unfounded, attributing it to misunderstanding and misinformation, and emphasizing the necessity of accurately tracking federal expenditures.
The controversy does not stop there, as Musk has faced criticism for bringing in individuals from his companies to federal roles, granting them access to sensitive data.
Notwithstanding, Musk’s initiatives have often been blocked by judges, and emails reportedly contradict Treasury’s justifications for granting his team access.
Hassett also criticized the former administration’s spending policies, calling the accusations against Musk and Doge as “poppycock” and irrelevant to actual fiscal issues faced by the U.S. government today.
Nevertheless, the op-ed’s warning about the selective suspension of congressionally authorized payments persists, highlighting the peril of undermining trust in the government’s fiscal responsibility.
While federal judges push back against overreach, the fundamental question remains whether these changes will indeed transform America’s financial landscape or pose unstoppable challenges to its integrity.
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