US President Donald Trump has directed the Treasury Department to stop minting new pennies, citing the high cost of production.
Trump stated, “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,” his post on Truth Social network read.
His administration has been focusing on cost-cutting measures, targeting government agencies and reducing the federal workforce.
“Let’s rip the waste out of our great nation’s budget, even if it’s a penny at a time,” Trump wrote.
The President made this announcement shortly after attending the first half of the Super Bowl championship in New Orleans. he became first sitting president to attend Super Bowl in New Orleans.