In this story, the Washington Post reports that the federal government lost $261 billion, or 7 percent of total spending, to fraud and waste in 2012.
FROM THE WASHINGTON POST:
“Despite progress in reducing improper payments, federal agencies continue to lose billions annually to waste, fraud and abuse.
The federal government lost $261 billion, or 7 percent of total spending, to fraud and waste in 2012, said Rep. Darrell Issa (R-Calif.) during a February House committee hearing.
Though improper payments — a form of waste, fraud and abuse in which payments are made mistakenly or in an incorrect amount — declined 6 percent from the prior year, they still totaled $108 billion last year.
In 2009, President Obama signed an executive order that directed agencies to cut improper payments by $50 billion by the end of fiscal 2012. However, the federal government is still $3 billion short of this goal.”
Read the full story here.