Thursday, June 7, 2012

Obama Sitting on $70 Billion in Unspent Cash

What do you when you have $70 billion dollars of unspent taxpayers money sitting around and a 1.2 trillion deficit? Nothing. That is what Washington does. They horde our taxpayers money as hostage. It's the taxpayers money and it should be return back to us.

(WashingtonTimes) The federal government has at least $70 billion that has languished for years in unspent accounts, never reaching the states, localities, businesses and taxpayers the money was designed to help, according to a new report by Sen. Tom Coburn.

Mr. Coburn, the Senate's chief waste-watcher, said in many cases politicians and bureaucrats ignored money already in the pipeline and went out to try to corral more funding instead.

The $70 billion figure is money that's been unspent for years, including $13 billion in road-building money that was earmarked to the wrong places, or for projects that states and localities no longer want to build.

"A dollar taken from the taxpayers left unspent is a dollar not needed by the government or a dollar that did not go to someone in need," Mr. Coburn said in a letter accompanying his report. "It represents a failure to budget wisely."

The $70 billion has built up over years. By comparison, the federal government is projected to run a $1.2 trillion deficit this year.