0948 ET - The Department of Government Efficiency, or DOGE, is lacking in any specifics, but Truist analysts still expect companies serving government agencies to take a hit next year. They say in a research note that they're expecting government services firms to continue to post strong results near-term, with potential impacts from spending cuts as late as 2026. DOGE heads Musk and Ramaswamy say they'll target spending not authorized by Congress, which the analysts say could happen more quickly, but more expansive cuts would still require a vote in Congress. The analysts expect agencies may curb their appropriations because of the uncertainty starting next year. (ben.glickman@wsj.com; @benglickman)
(END) Dow Jones Newswires
November 22, 2024 09:48 ET (14:48 GMT)
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