US to Overhaul Government Contract Procurements

On Wednesday, President Obama announced a plan to overhaul contracting policies in all government departments. Singling out military contracts in Iraq, Obama said the new rule changes would save taxpayers $40 billion a year.

President Obama: “And this wasteful spending has many sources. It comes from investments in unproven technologies. It comes from a lack of oversight. It comes from influence-peddling and indefensible no-bid contracts that have cost American taxpayers billions of dollars.”