• Department of Government Efficiency has not been disbanded, the department clarified on Monday.
• DOGE called Reuters' report claiming otherwise 'fake news,' and said it would get back to its regular Friday updates this week.
• DOGE has been a key initiative under Trump 2.0 to slash excess government spending; it was led by Elon Musk from January through May.

The Department of Government Efficiency (DOGE) is not shutting down, it said in an X post on Monday, refuting a Reuters report saying otherwise.“We'll be back in a few days with our regularly scheduled Friday update,” its post said.

DOGE, a department in Donald Trump's second term tasked with slashing excess federal spending, was set up with much fanfare in January. Billionaire executive Elon Musk spearheaded the agency's efforts until stepping down in late May, after which healthcare-tech veteran Amy Gleason was appointed acting administrator.

Earlier on Monday, Reuters reported, citing Office of Personnel Management Director Scott Kupor, that DOGE had disbanded. The OPM, the federal government's human resources office, has taken over many of DOGE's functions, the report said, based on inputs from Kupor and internal documents.

“As usual, this is fake news from @Reuters,” DOGE's post said.“President Trump was given a mandate by the American people to modernize the federal government and reduce waste, fraud and abuse.”

Just last week, DOGE terminated 78 wasteful contracts and saved taxpayers $335 million, according to its post.

The development comes on the heels of Congress ending the longest government shutdown in U.S. history, which lasted over 40 days. Trump signed a federal funding bill into law on Nov. 12, ending a period marked by work stoppage, employee furloughs, and flight disruptions.

Posting about its work frequently, DOGE has said it has terminated thousands of federal contracts, terminated grants, and removed wasteful equipment, such as unused phone lines from government offices, saving billions of dollars.  

Under Musk, DOGE aimed to achieve $1 trillion in savings, but the latest data on its website shows it has reached only about a fourth of that goal.

Fears of growing U.S. deficits weighed on markets early this year, though optimism about the AI boom and upbeat earnings results from Big Tech helped lift sentiment a bit. As a result, the SPDR S & P 500 ETF Trust (SPY) has gained over 13% year-to-date, while the Invesco QQQ Trust, Series 1 (QQQ) has surged about 17%. In contrast, the SPDR Dow Jones Industrial Average ETF Trust (DIA) has gained more than 8%.

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