Posts Tagged ‘GAO’
The fight between both parties over raising the debt ceiling last year pushed up the U.S. Treasury’s borrowing costs by $1.3 billion, congressional auditors said on Monday, giving Democrats ammunition to paint Republicans as fiscally irresponsible. The delays created uncertainty in the Treasury market and led to higher borrowing costs, according to a report from the Government Accountability Office.
Under Obama’s economic stimulus package, tax cheats were given $1.4 billion in government-backed mortgage loans and the government doled out at least an additional $27 million in tax credits to delinquents who took the first-time-homebuyer tax break, according to a government audit released Tuesday.
The IRS is expected to use $881 million in taxpayer money to implement the first four years of Obamacare, including more than $500 million that the Department of Health and Human Services (HHS) diverted to the agency. The new GAO audit calls Obamacare a “significant effort for IRS,” CNS reported on Friday.
The IRS “implementation costs” are expected to total $881 million from fiscal years 2010 to 2013, it says.
At the time, it sounded like a good idea. And when Obama came up with the idea to give a a health insurance tax credit for small businesses, it’s proven to be a big disappointment. The idea came with many problems, such as how much time it takes to apply, and lacking enough financial reward to make it attractive, the credit was claimed by only 170,300 businesses out of a pool of as many as 4 million potentially eligible companies in 2010.
Once again, the Obama Administration has come under congressional fire, after the HHS hired a public relations firm to help restore the muddied reputation of the President’s controversial Affordable Care Act. This PR plan is costing the taxpayers $20 million and was awarded to a PR firm called Porter Novelli, which helped launch the Agriculture Department’s renowned healthy food pyramid.