On Sunday, Donald Trump announced his directive to halt the minting of new pennies, deeming the process wasteful due to its higher production cost. He criticized the minting of pennies that costs over 2 cents each, urging a budget reduction even if it involves small amounts. This move aligns with recent remarks from Elon Musk's Department of Government Efficiency (DOGE), which highlighted the significant cost of producing pennies, amounting to over $179 million in 2023. Trump's stance reflects growing concerns over fiscal responsibility in government spending.
For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!
Let's rip the waste out of our great nations budget, even if it's a penny at a time.
The production of pennies cost US taxpayers over $179 million in fiscal year 2023.
Trump ordered Treasury Secretary Scott Bessent to halt the production of new pennies.
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