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Investing.com -- Bank of America said there were no new Department of Defense (DoD) contract cancellations this week, as the Department of Government Efficiency (DOGE) held steady in its review of federal spending.
“DoD has had no incremental contract cancellations since the May 3 update,” BofA analysts wrote.
DOGE’s “Wall of Receipts” showed a slight uptick in total claimed savings, rising from $31.7 billion to $31.9 billion as of May 11.
“The US Agency for International Development ($12.8bn, unchanged vs. prior update) remains the most targeted agency to date,” BofA noted.
The Department of Health and Human Services saw “the largest weekly increase from continued cancellations of research projects and support services,” with total savings increasing from $2.3 billion to $2.4 billion.
While the $500 million Navy business process consulting contract remains the final outstanding cut from Secretary of Defense Hegseth’s April 10 memo, Booz Allen (NYSE:BAH) Hamilton gained new ground.
BofA said, “Booz Allen Hamilton (BAH) received a $210mn task order for Nimbus systems engineering services from the Air Force Research Lab (AFRL).” The firm will provide “solution design, integration, and management for DoD major deployment systems.”
Of the $210 million total, “$35.4mn of obligations are provided under the task order in FY25.”
Combined with other recent awards, including $11.0 million obligated under a separate five-year, $743 million contract and a $20.6 million award in Pakistan, BofA said BAH has “new obligations now total[ing] $107.1mn since January 20.”
This compares with “~$135mn of estimated annualized obligation impact from DOGE cuts to date,” BofA said.