Family Life

12.22.09 | FL News Team

Efforts to slice 40-billion dollars in annual contracting costs are on track, according to the White House. Officials say federal agencies have identified more than 19-billion dollars in savings this year. Back in March, President Obama directed government agencies and departments to cut 40-billion in government contracting by late 2011. Spending on federal contracts has more than doubled since 2002 and hit more than half-a-trillion dollars last year. White House budget official Jeff Zients says the government contracting system is flawed due to waste and mismanagement. He said, quote, "No business, large or small, could survive the continued waste and mismanagement the federal government has experienced; it's illogical, it's unacceptable, and we will fix it."