The U.S. federal debt is now about $16 trillion. However, billions of taxpayer dollars are sitting idle in bank accounts.
According to a new report, “Money for Nothing,” compiled by republican Senator Tom Coburn, money set aside for things like foreclosure help, maintaining roads, even the 1996 Atlanta Olympics was being wasted.
Lawmakers say it’s because most of that money can only be used for its specific purpose. So it’s being maintained in accounts at the taxpayer’s expense, whether it’s used or not.
“The money gets granted, doesn’t get spent, it’s way past the time even on when the original grant was applied for. They never close out the grant, they never bring the money back. It’s just sitting out there in limbo,” says Senator Coburn.
Virginia democratic Senator Mark Warner is working to do something about the problem.
He is pushing for a law which would give Congress a better handle on what’s being spend and when money is just sitting around.