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Tuesday, December 30, 2014

Auditors Say Feds Needlessly Wasted $43 Billion

Every year, tens of billions of tax dollars are lost to waste, fraud and abuse within the federal government. But much more could be lost if it wasn't for a team of federal watchdogs tasked with flagging any inefficiencies or wrongdoing within all government programs and projects.
That's according to the Special Council of the Inspectors General on Integrity and Efficiency (CIGIE)—the group in charge of overseeing the 15 presidentially appointed IG's. The group consistently reminds lawmakers of out how the auditors' work saves the federal government billions of dollars each year—despite their annual collective operating budget of over $1 billion. 
This year, CIGIE said that taken together, all of the auditors' recommendations this year would result in about $32 billion in savings, The Washington Examiner first reported. Recommendations typically include telling agencies to ramp up their oversight or come up with a new policy that will help them run more efficiently.
The investigations this year have already resulted in $11 billion that was returned to the Treasury
The IG's total operating budget for 2014 was about $1.6 billion, according to CIGIE's financial audit for 2014.
-Brianna Ehley, CNBC.com

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