US_ Scott Bessent: 10% of US Budget Stolen Annually

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Scott Bessent: 10% of US Budget Stolen Annually

Treasury Secretary Scott Bessent (Alex Wong/Getty Images) The U.S. government wastes hundreds of billions of dollars annually, says Treasury Secretary Scott Bessent. In an interviewSunday, Bessent said federal "waste, fraud, and abuse" totals $300 billion to $600 billion a year. [Full Story]
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By Charlie McCarthy | Monday, 12 January 2026 01:03 PM EST


The U.S. government wastes hundreds of billions of dollars annually, according to Treasury Secretary Scott Bessent.

In an interview with journalist Christopher Rufo that premiered Sunday, Bessent said federal "waste, fraud, and abuse" totals $300 billion to $600 billion a year — a figure he emphasized is based on the Government Accountability Office's estimate of fraud losses equal to about 10% of the federal budget and 1% to 2% of gross domestic product.

Bessent argued that shrinking that number would free up resources to strengthen national defense without piling on more debt, pointing to President Donald Trump's push for a major military rebuild after years of strain.

"If we can get rid of this waste, fraud, and abuse, we can finance a safer, sounder U.S. … without taking on more debt," he said in the Rufo interview.

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READ MORE: https://www.newsmax.com/us/treasury-bessent-billions/2026/01/12/id/1241812/

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