O’Leary Ventures Chairman Kevin O’Leary shot down concerns about the Department of Government Efficiency (DOGE) on Tuesday, claiming the newly formed government entity needs to cut spending more quickly for optimal success.
“I think the issue is they’re not whacking enough. There’s this concept in private equity when you get a bankrupt company and you go in there, you cut 20% more than your initial read, and then you find, like a pool of mercury, the organization gels back together again,” O’Leary said during an appearance on “CNN NewsNight With Abby Phillip.”
“Always cut deeper, harder when there’s fat and waste,” he continued.
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Kevin O’Leary has been a frequent panel guest on CNN. (CNN/Screenshot)
The prolific investor described government agencies as “big fat chickens” dripping over “barbecues of fat” and said he does not believe waste is being removed fast enough.
“They’re not cutting enough. Keep slashing. Keep hacking while you have a 24-month mandate before the midterms. Cut, cut, cut, cut, cut, cut. More, more cutting. Believe me, it’s going to work out just great. Everybody should be happy about it,” O’Leary said.
When CNN anchor Sara Sidner asked if even people with nuclear codes should be gutted as part of cost-cutting efforts, O’Leary said that anyone who cannot show what they are doing or how they are adding value should be put on the chopping block.
Elon Musk is leading DOGE to aggressively slash government waste in federal spending under President Donald Trump.
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The Department of Government Efficiency (DOGE) recently found code linking US Treasury payments to a budget line item that was not required before, and accounts for nearly $4.7 trillion in payments and left blank. (Musk: Reuters / Money: iStock / Trump: Getty)
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The department was created via executive order and is a temporary organization within the White House that will spend 18 months carrying out its mission.
The group has faced criticism over its access to federal systems, including the Treasury Department’s payment system, as well as moves to cancel federal contracts and make cuts at various agencies.
Attorneys general from 14 states are suing to block DOGE from accessing federal data, arguing Musk and Trump’s administration have engaged in illegal executive overreach.
The newly formed cost-cutting agency scored a win on Friday when a federal judge in Washington declined a request to temporarily block it from accessing sensitive data from the Departments of Labor, Health and Human Services and the Consumer Financial Protection Bureau.
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Fox News’ Greg Wehner contributed to this report.
