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Feds Could Have Saved $25.9B Since 2001: Report

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Federal agencies including the Department of Energy, Department of Transportation, and the Environmental Protection Agency could have saved nearly $26 billion over the last eight years had they implemented more than 13,000 recommendations from the Inspectors General. That’s the finding in a new report released yesterday by the Congressional oversight committee.

The Department of Energy alone could have cut costs by more than $835 million, according to the report. In a time when the U.S. faces a potential record deficit of $1.2 trillion, and companies are lining up for DOE loans, grants, and guarantees to push ahead with electric vehicles and energy storage technology, that extra dough would have come in handy.

“If someone told me that I was losing change from a hole in my pocket and instead of mending it I kept losing money, shame on me. But that’s what has happened over the past seven years,” said Sen. Claire McCaskill, who worked on the report with Rep. Henry Waxman and Rep. Edolphus Towns. “It’s time to finally get out some needle and thread.”