Tags: Wartime Spending

Up to $60 Billion in US War Funds Reportedly Wasted

Tuesday, 30 Aug 2011 05:14 PM

WASHINGTON — An independent U.S. panel investigating wartime spending estimates that as much as $60 billion has been lost to waste and fraud over the past decade in Iraq and Afghanistan.

In its final report to Congress, the Commission on Wartime Contracting said the figure could grow larger as U.S. support for reconstruction projects and programs wanes and Iraq and Afghanistan are unable to sustain the schools, medical clinics, roads and power plants already built with American tax dollars.

The Associated Press obtained a copy of the commission's report in advance of its scheduled Wednesday public release.

The commission says that in Afghanistan, the insurgency's second largest funding source after the illegal drug trade is the diversion of money from U.S.-backed construction projects and transportation contracts.

Congress established the commission in 2008.

© Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

1Like our page
2Share
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved