Five former Treasury secretaries have voiced concerns about recent actions taken by the Trump administration’s Treasury Department and Elon Musk’s Department of Government Efficiency (DOGE) team. In a New York Times op-ed, they warned that these actions pose a significant risk to the stability of U.S. financial commitments.
They argued that any selective suspension of congressionally authorized payments would undermine trust and could be interpreted as a form of default. The former officials emphasized that no newly appointed Treasury secretary should have to reassure the world about the reliability of the U.S. payments system.
White House Defends Treasury Actions
In response to the op-ed, Kevin Hassett, a senior economic advisor to President Donald Trump, dismissed the former secretaries’ concerns. Speaking on CNBC, Hassett defended Treasury Secretary Scott Bessent, claiming that the previous Biden administration had mismanaged federal spending.
He alleged that funds were being distributed without proper oversight and that Bessent was working to correct these inefficiencies. Hassett also denied that Elon Musk was exerting control over Treasury operations, calling such claims baseless.
Former Treasury Secretaries Warn of Risks in Treasury and Musk’s DOGE OversightThe controversy has intensified as legal battles emerge over access to the Treasury Department’s highly sensitive payment systems. Members of Musk’s DOGE team have gained access, reportedly as part of efforts to reduce federal spending and government workforce size. The Treasury’s Fiscal Service, which oversees the disbursement of government funds, has become a focal point of these efforts.
Reports indicate that Tom Krause, a DOGE team member, was granted access to the system, allegedly to halt payments to the U.S. Agency for International Development (USAID). However, leaked emails suggest that Treasury’s official explanation for this access does not align with internal discussions.
Fears of Political Interference in Federal Payments
The former Treasury secretaries expressed deep concern over the politicization of federal payment operations. They argued that these systems have traditionally been managed by nonpartisan career officials and warned that interference by political appointees could compromise the integrity of government finances. They believe that allowing DOGE members to access and potentially manipulate federal payments could lead to arbitrary financial decisions, setting a dangerous precedent for future administrations.
Hassett strongly refuted the claims made in the op-ed, arguing that they were based on misinformation. He maintained that Treasury Secretary Bessent was focused on fixing past financial mismanagement rather than engaging in political maneuvering.
Hassett also insisted that reviewing previous spending practices would uncover substantial waste, reinforcing the need for increased oversight. He dismissed concerns about Musk’s influence as a media-driven narrative designed to discredit the administration’s efforts to improve financial accountability.