Bill Ackman Says Events Around The Scuttled Spending Bill Provide A Road Map For 'Rapid DOGE Progress'

Bill Ackman, CEO Of Pershing Square Capital Management, shared his views on how the Department of Government Efficiency can effectively influence policy decisions, using the recently scuttled spending bill as an example.

What Happened: On Wednesday, Ackman outlined a three-step strategy for DOGE to make an impact. In a post on X, the billionaire used the recent events surrounding the spending bill as a case study for how DOGE can progress rapidly.

Ackman outlined a three-step process that led to the bill’s apparent defeat. According to him, the sequence began with DOGE co-head Vivek Ramaswamy’s analysis of the bill on X, followed by public criticism from users including his fellow DOGE leader Elon Musk who highlighted what they considered wasteful spending. The final step, Ackman suggested, was Congress members’ reluctance to support the legislation amid concerns about primary challenges and public backlash over what he characterized as “pork and other waste.”

The post came in the wake of a rejected spending bill that had been under scrutiny for its content. The bill, which was opposed by a significant number of House GOP members, including President-elect Donald Trump, failed to secure the necessary support to pass.

Ackman’s post was in reaction to a post by Ramaswamy who dished out “real-time” advice to Congress and urged it to go “back to the drawing board” on the bill. He said that there was still “time for forgiveness.”

Musk too highlighted the role of X users in the abandoning of the spending bill. He said, “This was a good day for America.”

See Also: Investment Guru Peter Lynch: ‘If You Can’t Explain To An 11-Year-Old In 2 Minutes Or Less Why You Own The Stock, You Shouldn’t Own It’

Why It Matters: The spending bill’s rejection marked a significant moment in U.S. politics. The bill, which aimed to extend federal funding until March 14 and avert a government shutdown, was met with opposition.

Earlier, Congressional leaders had reached a consensus on a bipartisan deal to extend government funding, thereby averting the looming December 20 shutdown deadline. The agreement, which included a one-year farm bill extension and approximately $100 billion in disaster relief, marked the end of weeks of negotiations over disaster aid and overall funding.

Last month, Trump appointed Musk and Ramaswamy to lead DOGE, which is aimed at cutting bureaucracy, waste, and federal spending by 2026. Musk and Ramaswamy have pledged bold reforms.

Democrats have criticized the abandoning of the bill. Rep. Hakeem Jeffries (D-N.Y.) said that Republicans are hurting the working class Americans they claim to support by ordering a “shut down” of the government. He said, “You break the bipartisan agreement, you own the consequences that follow.”

Bill Ackman. Photo by Center for Jewish History, NYC via Wikimedia Commons

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• Congress Is Making Huge Investments. Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool

This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal