Billionaires Elon Musk and Vivek Ramaswamy will head an effort, dubbed DOGE, to reduce wasteful federal spending. Here's what it's about.

It’s called the “Department of Government Efficiency,” or DOGE, and it’s named after a vintage meme, based on a picture of Shiba Inu dog, which is also the namesake of Musk’s favorite crypto token. The new DOGE, in other words, is disruptive, it’s exciting, and it’s already got a cool social media account.