Obama Targets 'Broken System' of Federal Contracting
Our colleague Robert O'Harrow has the latest on President Obama's vow to clean up wasteful federal contracts:
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.
"Now, none of this will be easy," Obama said. "We'll have to end old ways of doing business. We'll have to take on entrenched special interests. We'll have to break bad habits that have built up over many years, but we can't keep spending good money after bad. All across America, families are making hard choices, and now we're going to have to do the same."
By Amanda Zamora |
March 4, 2009; 12:00 PM ET
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