News for the Waking Generation

# Pentagon Fails Seventh Straight Audit as Annual US Military Budget Hits $1 Trillion

November 18, 2024 By NEWS WIRE Leave a Comment

New legislation is introduced that would require the Pentagon to return a portion of its budget as a penalty for failing audits, but (surprise, suprise) lawmakers from both parties have declined to consider the bill.

Jake Johnson from Common Dreams reports…

As with its past failures to achieve a clean audit, the U.S. Defense Department attempted to cast the 2024 results in a positive light, with the Pentagon’s chief financial officer declaring in a statement that “momentum is on our side.”

The Pentagon is the largest U.S. federal agency and is responsible for roughly half of the government’s annual discretionary spending, with its yearly budget approaching $1 trillion despite long-standing concerns about the department’s inability to account for vast sums of money approved by lawmakers and presidents from both major parties.

The latest financial assessment published Friday by the Defense Department’s inspector general office estimates that the Pentagon has $4.1 trillion in assets. It is the only major federal agency that has never passed a clean audit, as required by law.

“Of the 28 reporting entities undergoing stand-alone financial statement audits, nine received an unmodified audit opinion, one received a qualified opinion, 15 received disclaimers, and three opinions remain pending,” the Pentagon said Friday.

Since the department’s first failed audit in 2018, Congress has authorized trillions of dollars in additional military spending. According to the Costs of War Project, more than half of the department’s annual budget “is now spent on military contractors” that are notorious for overbilling the government.

“The Pentagon’s latest failed audit is a great signal to the incoming administration for where they can start their attempts at slashing government spending,” Lindsay Koshgarian, director of the National Priorities Project at the Institute for Policy Studies, told Common Dreams. “Instead of gutting veterans’ benefits or the Department of Education as planned, they should start with the one major government agency that has never passed an audit, the Pentagon.”

Progressive watchdogs and lawmakers have long cited the Pentagon’s failure to pass a clean audit as evidence of the department’s pervasive waste and fraud. The Pentagon buried a 2015 report identifying $125 billion in administrative waste out of concern that the findings would be used as a justification “to slash the defense budget,” as The Washington Post reported at the time.

Last year, Sen. Bernie Sanders (I-Vt.) introduced an amendment to the annual National Defense Authorization Act that would have required the Pentagon to return a portion of its budget to the Treasury Department’s general fund as a penalty for failing audits.

“Year after year the establishment on both sides of the aisle have prevented these amendments from receiving a single roll call vote,” Warren Gunnels, Sanders’ staff director, wrote on social media over the weekend.

READ MORE PENTAGON NEWS AT: 21st CENTURY WIRE PENTAGON FILES

ALSO JOIN OUR TELEGRAM CHANNEL

SUPPORT OUR INDEPENDENT MEDIA PLATFORM – BECOME A MEMBER @21WIRE.TV

13
SHARES
Share Tweet
Filed Under: Featured, US News Tagged With: Deep State, Pentagon