Obama Stimulus Auditor: 'Some waste or fraud is regrettably inevitable.'
  • The chief auditor overseeing the spending of the $787 billion in stimulus funds is warning that some waste or fraud is regrettably inevitable.

    In prepared testimony before the House oversight committee, Earl Devaney says the challenge for the Recovery Accountability and Transparency Board he chairs is to significantly minimize any such loss.

    Devaney warns that he thinks federal agencies will have great difficulty attracting and hiring enough contract professionals to minimize the risks associated with moving the money fast enough to accomplish the recovery act's goals.

One week ago:
  • "We're going to have to make sure that every single dollar is well spent. If we see money being misspent, we're going to put a stop to it, and we will call it out and we will publicize it," said Obama, who triggered an audible gasp from his audience with an announced appearance at the meeting.

    "You've got this wonderful mission and, you know, it's rare where you get a chance to put your shoulder to the wheel of history and move it in a better direction -- this is such an opportunity."