Treasury Secretary Scott Bessent disclosed that up to 10 percent of the United States federal budget may be lost each year due to fraud, waste, and improper payments.
In public remarks, Bessent highlighted that billions of dollars intended for government programs across various departments are vulnerable to exploitation, drawing attention to the scale of financial loss affecting taxpayers.
The secretary outlined concerns that current oversight and enforcement mechanisms are insufficient to fully prevent improper disbursements, citing systemic challenges in tracking, auditing, and recovering misused funds.
Bessent’s comments underscore growing urgency within the Treasury Department to strengthen financial controls, improve transparency, and enhance efforts to clamp down on fraud across federal spending.
The revelation has sparked renewed calls from lawmakers and policy analysts for stricter safeguards and accountability measures to protect taxpayer dollars and ensure federal resources are spent as intended.