Obama Orders Overhaul of Government Contracting
By Robert O'Harrow
President Obama announced today procurement reforms designed to improve competition for federal contracts, while curbing fraud and waste. He said these reforms would save American taxpayers up to $40 billion a year and help usher in a new era of fiscal responsibility.
Flanked by senators Carl Levin and John McCain -- both longtime foes of wasteful spending -- Obama said he had directed OMB chief Peter Orszag to draft "dramatic" new procurement rules that would improve how the government spends more than a half-trillion dollars each year. He formally issued a "Presidential Memo" spelling out his aims.
March 4, 2009; 2:02 PM ET
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