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US President Orders Halt to Penny Production to Reduce Government Spending

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US President Donald Trump announced on Sunday that he has directed the Treasury to stop minting new pennies as part of efforts to cut government costs.
“For far too long, the United States has minted pennies that cost more than two cents to produce. This is wasteful!” Trump stated on Truth Social.
He added, “I have instructed my Secretary of the US Treasury to stop producing new pennies. Let’s cut waste from our great nation’s budget, even if it’s a penny at a time.”
The decision aligns with recommendations from the Department of Government Efficiency (DOGE)—a cost-cutting initiative led by billionaire Elon Musk—which flagged penny production as an unnecessary expense.
While similar proposals have previously failed in Congress, Treasury Secretary Scott Bessent may have the authority to halt penny minting without legislative approval, according to economist Robert Triest.
If implemented, prices would likely be rounded to the nearest five cents. Canada took a similar step in 2012, citing high production costs and declining purchasing power.
Trump has made reducing federal spending a key priority of his administration, with Musk’s DOGE team tasked with reviewing government expenditures. However, some cost-cutting measures—such as downsizing the US Agency for International Development (USAID)—have faced legal challenges from Democrats and labor unions.

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