Trump To US Treasury: Stop Minting New Pennies, ‘ This Is Wasteful’
President of the United States, Donald Trump on Sunday has put an end to the minting of new pennies coins.
This, is as he told the States Treasury to stop producing them, which according to him is wasteful.
Being a part of Trump’s election campaign, the President on his Truth Social platform noted that the decision will help to cut down on government spending.
“For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!”
“I have instructed my Secretary of the US Treasury to stop producing new pennies.
“Let’s rip the waste out of our great nations budget, even if it’s a penny at a time,” he added
In January, Elon Musk’s Department of Government Efficiency, DOGE, had raised the prospect in a post on X highlighting the production cost.
The United States Mint reportedly lost $85.3 million in the 2024 fiscal year that ended in September on the nearly 3.2 billion pennies it produced.
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