Here's more...........
The new administration argued that its Republican predecessor's contract spending had doubled to more than $500 billion over the last eight years.
"Far too often, the spending is plagued by massive cost overruns, outright fraud, and the absence of oversight and accountability," Obama said. "In some cases, contracts are awarded without competition; in others, contractors actually oversee other contractors."
Dozens of people have been charged with bribery and other contract fraud crimes as part of a Justice Department crackdown on contract and procurement fraud. Fraud has been particularly prevalent following the invasions of Afghanistan and Iraq, where billions of dollars was spent quickly and often with little oversight.
More than 140 investigations are under way into allegations of contract fraud in Iraq, Kuwait and Afghanistan.
During last week's White House meetings on the nation's financial future, lawmakers and officials bluntly told top Obama aides that government contracts needed to be handled in a better way. The president's own fleet of Marine One helicopters became an illustration of out-of-control spending.
A review of 95 defense projects by the Government Accountability Office, the auditing arm of Congress, found that the projects exceeded its budget by $295 billion over the course of several years.
"In Iraq, too much money has been paid out for services that were never performed, buildings that were never completed, companies that skimmed off the top," Obama said. "At home, too many contractors have been allowed to get away with delay after delay after delay in developing unproven weapons systems."
"It's time for this waste and inefficiency to end," the president said.
http://news.yahoo.com/s/ap/20090304/...wh/obama_waste