Costa Backs Legislation to Require Oversight of Federal Agency Spending

WASHINGTON, DC-Citing, "A need to keep a close watch ontaxpayer dollars," Congressman Jim Costa (D-Fresno) today announced he was cosponsoringlegislation requiring Congress to exercise its constitutional responsibility ofexecutive-branch oversight.

"HR 841 and HR 5315 are instrumental pieces of legislationthat work towards higher fiscal accountability," Rep. Costa contended. He urged his colleagues in Congress to askmore questions about the Bush Administration's irresponsible fiscal policies. "American taxpayers deserve to know how theirmoney is being spent by the Administration," Costa pointed out.

The GAO reports that 19 of 24 federal agencies are not incompliance with all federal accounting audit standards and cannot fully explainhow they have spent taxpayer money appropriated by Congress. "Nobody would runa household or business this recklessly, but that's how Washingtonis being run," the Fresnolawmaker noted.

"Future generations will have to pay back, with interest,the money the federal government is borrowing from other countries due to thisfiscal recklessness," Costa continued. "As a result record-high budget deficits four years in a row, thefederal debt has ballooned to $8.3 trillion; much of which is borrowed fromforeign countries."

Inspectors General in each federal agency complete regularreports identifying cases of fraud, waste and abuse within their agencies. "Theirfindings, however, are often ignored by their own agencies and anAdministration-compliant Congress," stated Costa.

"This is why HR 841 is important - this legislation mandateshearings when the non-partisan Government Accountability Office (GAO) raises ared flag over an agency's accounting practices," Costa declared. "Along withHR 841, Costa supports HR 5315, The Accountability in Government Act of 2006,which requires cabinet secretaries to face reconfirmation by the Senate iftheir agency cannot perform a clean audit. Together these two pieces of legislation are key in the effort tomaintain accountability," Costa concluded.