The government’s chief spending watchdogs have already secured nearly 600 convictions and judgments against people and companies accused of misusing stimulus funds and have a whopping 1,900 investigations currently open into possible wrongdoing, officials say.
The wave of scrutiny more than three years after the American Recovery and Reinvestment Act was passed by Congress early in the Obama administration means the question of how money was managed early in the program is certain to extend well into the next year as many of the current investigations come to conclusion.
The Recovery Board charged with coordinating efforts among than inspectors generals at more than two dozen federal agencies that distributed stimulus money posted an item on its official blog last month claiming the total amount of money lost to fraud from the $840 billion stimulus program was a miniscule $11.1 million so far.
Vice President Joe Biden even made reference to the figure as he defended the stimulus program from attacks from Republican Rep. Paul Ryan during the vice presidential debate last Thursday. But that number only identifies money that is considered lost to fraud and does not include funds still under investigation or thoserecommended for reimbursement after audits identified misspending, officials said.Continue reading →