| Waste Watch |
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The Federal Reserve's initial emergency plan last fall to save then-failing American International Group was so hastily put together and poorly structured that it resulted in billions of additional taxpayer dollars spent on the insurance giant, says a new report by a Treasury Department independent watchdog.
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The Government Accountability Office, the congressional watchdog, will testify at a House oversight committee hearing Thursday that there are "significant issues to be addressed" in the accuracy of reports about the number of jobs credited to the federal stimulus program because of errors in forms filed by recipients of the money.
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More than 50,000 jobs, or one out of every 10 jobs the White House says were "saved or created" by their economic stimulus plan, came from projects that reported spending no money yet, according to a government report obtained by ABC News.
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When President Barack Obama came before a joint session of Congress on Feb. 24 to talk about his $787 billion stimulus package, he acknowledged that there were many "who are skeptical of whether this plan will work.''
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The Obama administration, under fire for inflating job growth from the $787 billion stimulus plan, slashed over 60,000 jobs from its most recent report on the program because the reporting outlets had submitted "unrealistic data," according to a document obtained by ABC News.
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