JPMorgan Chase: U.S. government efficiency department may face obstacles in promoting federal reforms

On November 25th, Morgan Stanley released a report evaluating the Department of Government Efficiency (DOGE) in the United States. The department was created by President-elect Trump and is led by Elon Musk and Vivek Ramaswamy, with the goal of streamlining federal operations and reducing wasteful spending. The report states, "In terms of government efficiency, Trump is expected to promote an agenda that advocates for reducing bureaucracy. This includes the establishment of a new Department of Government Efficiency," and adds, "We believe that this department will find it difficult to achieve this goal." Morgan Stanley explains the reasons why DOGE may encounter obstacles: "Ultimately, Congress controls government spending, and DOGE is outside of Congress. The department can propose all the suggestions it wants, but ultimately typical 60-vote majorities in Congress decide legislative changes."