President Trump on Wednesday endorsed sending Americans rebate checks based on a percentage of the savings achieved by the federal government through the Department of Government Efficiency’s cost-cutting measures.

“There’s even under consideration a new concept where we give 20% of the DOGE savings to American citizens and 20% goes to paying down debt because the numbers are incredible,” Mr. Trump said at the Future Investment Institute’s PRIORITY Summit in Miami.

Mr. Trump said by allowing the American people to get in on the action, they will help the federal government identify the fraud, waste and abuse that he was sent to Washington to clean up.

“By doing this Americans will tell us where there’s waste. They’ll be reporting it themselves. They’ll participate in the process of saving money,” he said.

Mr. Trump did not offer any details about the plan, including how many Americans would receive checks or how the process would work.

The president’s remarks are the first time he’s weighed in on a proposal floated Tuesday by billionaire Elon Musk, who is leading the DOGE effort to slash costs.

On Tuesday, Mr. Musk posted on X that he “will check with the president” about the idea of sending out “DOGE dividend” checks. The plan calls for returning part of the savings generated by DOGE back to taxpayers in the form of direct payments.

The idea was first proposed by James Fishback, CEO and co-founder of investment firm Azoria. Mr. Fishback, who recently launched a fund to help companies back out of diversity, equity and inclusion initiatives, said the idea would make DOGE real for millions of Americans.

If Mr. Musk hits his goal of cutting $2 trillion from the federal government, that could return $400 billion to American taxpayers. That would translate to roughly $5,000 per household for the 78 million households that pay federal income tax.

Any payout would depend on Mr. Musk’s ability to reach his savings target. The government’s annual budget deficit is about $2 trillion.

It’s unclear if any rebate program would require congressional approval. House Republicans have called for DOGE sayings to be used to reduce the national debt. They could oppose the rebate idea, but if Mr. Trump uses another 20% in DOGE savings to pay down the debt, it might be enough to appease them.

The Future Investment Institute summit is sponsored by the $925 billion Saudi Public Investment Fund. It bills itself as a way to “pioneer solutions that transcend industries and geographies by convening thought leaders, investors and policymakers” to address challenges such as “rising costs of living, systemic challenges in health care, security and education.” Polarized and unequal societies along with climate change will be among the topics being discussed.

The theme of this year’s summit is “invest with purpose.”

Others who attended the event include Oracle CEO Safra Catz, Miami Dolphins owner Stephen M. Ross, tennis legend Serena Williams and Yasir Al-Rumayyan, the governor of the $925 billion Saudi Public Investment Fund, according to the FII website.