Billions in tax dollars sitting in banks un-used - CBS News
However, billions of tax dollars are sitting in bank accounts, doing absolutely nothing, according to a congressional report.
It's called "Money for Nothing,"
and it adds up the staggering amount of funds allocated by Congress but
never spent on their intended purposes -- in fact, not spent at all,
and tied up somewhere in bank accounts.
So while there are plenty of things for which the money could be used, it's languishing in forgotten federal bank accounts.
The report was compiled by the office of Republican Sen. Tom Coburn, of Oklahoma.
"The
money gets granted, doesn't get spent; it's way past the time event on
when the original grant was applied for," he explains. "They never close
out the grant, they never bring the money back. It's just sitting out
there in limbo."
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