The US Government Accountability Office (GAO) says that the federal government made mass payment errors in the 2024 financial year.
In a new report, the congress watchdog says that the total dollar value of the “incorrect payments” of the government reaches $ 162 billion.
According to GAO, payment errors can be everything between unintended administrative errors and fraud.
They may be payments that are more than owed or underpayments where recipients did not receive the money they owed.
They can also be unknown payments where an agency cannot determine whether the account is correct or incorrect due to documentation problems or technically incorrect payments where recipients received the correct amount, but did not suffice to one or more government requirements.
Says the Gao,
“The financial year 2024 government -wide total of reported incorrect payment estimates was $ 162 billion, but it did not include estimates for certain government programs. Twelve of the 24 agencies that fall under the Chief Financial Officers Act of 1990 reported material weaknesses or significant shortcomings in control systems. “
The GAO says that incorrect payments or payment errors are a material weakness that must be resolved, given that the federal government has spent $ 1.8 trillion more than it was in the tax year of 2024, which ran from 1 October 2023 to 30 September 2024.
The watchdog is now calling for federal agencies to renew his accounting protocols to help relieve the terrible financial issues of the country.
“It is vital that the United States remain in a strong economic position to meet its social and safety needs, and to maintain flexibility to tackle unforeseen events, such as an economic decline or large -scale disaster.”
At the time of writing, the American national debt is $ 36.22 trillion.
Don’t miss a beat – Subscribe to get e -mail notifications directly to your inbox
Check price promotion
Follow us on XFacebook and Telegram
Surf the Daily Hodl -Mix
Generated image: midjourney