It’s called use-it-or-lose-it spending. Federal agencies spent $97 billion in the last month of the fiscal year — September 2018. These agencies rush to spend down their budgets at year’s end so they don’t lose it for the next year.
In fact, $1 of every $10 spent by federal agencies on contracts during the year was spent in the last week. That’s $53 billion out the door — all in one week.
Yesterday, OpenTheBooks.com founder Adam Andrzejewski discussed America’s debt and spending on C-SPAN’s Washington Journal.