Dogecoin: $47 Billion Spending Without Identifiers, Difficult to Track Whereabouts

The United States Department of Government Efficiency (DOGE) revealed on Monday, February 17th, that a total of $4.7 trillion in payments from the U.S. Treasury were missing account identification codes, leading to funds flow that was almost untraceable.

The Treasury Account Symbol (TAS) is an identification code assigned by the U.S. Treasury for tracking government financial transactions, considered a standard financial record-keeping process. However, because this field was viewed as an “optional item,” tens of trillions of dollars in payments were not allocated identification codes, significantly reducing transparency in government expenditures.

DOGE posted on social media X, stating, “In the federal government’s financial system, the TAS field is considered optional for $4.7 trillion in payments, often left blank, resulting in nearly untraceable funds.”

The agency emphasized that as of February 17th, this code has become a “mandatory item,” which will greatly enhance transparency in fund flow. “Thanks to the excellent work of the U.S. Treasury,” added DOGE.

On that day, DOGE led by Elon Musk, CEO of Tesla and SpaceX, also proposed eliminating the Treasury’s paper check payment method to reduce administrative costs and save U.S. taxpayers’ funds.

According to data from the advisory committee established by President Trump, the Treasury processed 1.16 billion paper checks in the 2024 fiscal year, storing them in specific vaults. The report stated that the storage cost for each check was approximately $2.4. Additionally, in the 2023 fiscal year, around $25 billion in tax refunds were delayed or lost due to expired checks returned.

“Eliminating paper checks could save at least $750 million annually,” DOGE stated on social media platform X.

DOGE pointed out that electronic payments not only enhance financial transparency but also reduce errors and fund losses, further improving the efficiency of government financial operations. This proposal still needs approval, and if passed, it will bring significant changes to the government payment system.

Trump dissolved the original United States Digital Service (USDS) and replaced it with the Department of Government Efficiency (DOGE). He tasked DOGE with reviewing federal agencies to assess possibilities for downsizing and cost reduction. DOGE only has factual investigation and advisory functions, and any proposals it makes must be approved by Trump.

To conduct audits, DOGE was granted access to the federal system, leading to legal challenges from some Democratic lawmakers and unions who deemed this access to be unconstitutional.

On February 13th, attorneys general from 14 states led by New Mexico Attorney General Raul Torres filed a joint lawsuit challenging the Trump administration’s decision to grant auditing authority to Musk. They accused the government of granting Musk “broad powers” unconstitutionally as he had not been confirmed by the Senate.

The attorneys general requested the court to issue a temporary restraining order to prevent Musk and DOGE from making any changes to public fund expenditures, canceling government contracts, accessing sensitive institutional data, and altering institutional data systems.

In response to the controversy, Trump stated in early February, “Musk cannot and will not act without our approval, we will approve at our discretion; inappropriate times, we will not approve.”

“He will report to us,” added Trump.

The White House responded by stating that Musk’s current status is a “special government employee” under the Trump administration, indicating his role is temporary.

Despite the controversy, DOGE stated in its Monday report that its audit would save the federal government approximately $55 billion in expenses, with these savings mainly derived from measures such as “fraud detection and fund recovery, canceling or renegotiating government contracts and leases, selling government assets, cutting subsidies, reducing human resources, adjusting government programs, and lowering regulatory costs.”

On Monday, February 17th, DOGE announced on its official website that it is working diligently to upload all audit data in a “comprehensible and fully transparent” manner, ensuring it has clear assumptions and complies with current laws and regulations.

According to the latest report released by DOGE, as of February 17th, the U.S. Agency for International Development (USAID) ranked first in reducing federal contract costs, followed by the Department of Education and the Office of Personnel Management. DOGE stressed that its report website would be updated twice a week to provide more real-time financial transparency.

Musk, during an interview at the White House on February 11th, stated that Trump’s and the Republican party’s victory in the 2024 election represented voters’ support for government reform, emphasizing, “The people voted for massive government reform, and that’s what they’re going to get. That’s what democracy is about.”

DOGE plans to continue releasing audit reports on government spending and actively promote reducing federal costs. However, due to ongoing legal disputes regarding its authority, the ultimate court ruling on whether it will affect DOGE’s operations remains a point of interest to monitor.