Simple Smart Seminar
  • Stock
  • Investing
  • Politics
  • Tech News
  • Editor’s Pick
Politics

WATCH: GOP senators rail against staggering $4.7 trillion in untraceable Treasury payments

by May 24, 2025
May 24, 2025 0 comment

Earlier this year, Elon Musk’s Department of Government Efficiency (DOGE) uncovered $4.7 trillion in untraceable Treasury Department payments. 

Prior to the discovery, Treasury Account Symbol (TAS) identification codes were optional for $4.7 trillion in Treasury Department payments, so they were often left blank and were untraceable. The field is now required to increase ‘insight into where the money is actually going,’ the Treasury Department and DOGE announced in February. 

‘Of the 1.5 billion payments that we send out every year, they are required to have a TAS, a Treasury Account Symbol. We discovered that more than one third of those payments did not have a TAS number,’ Treasury Secretary Scott Bessent said before the House Appropriations Subcommittee on Financial Services and General Government earlier this month. 

Fox News Digital asked Republican senators on Capitol Hill to respond to the approximately 500,000 in untraceable payments made by the Treasury Department each year. 

‘I’m not surprised at all, unfortunately,’ Sen. Roger Marshall, R-Kansas, said before adding, ‘They were leaving complete fields undone when they were filling out their financials, so this is a common theme. I’m not surprised.’

Sen. Eric Schmitt, R-Missouri, called for an investigation into where those payments actually went. 

‘There’s so much waste. There’s so much fraud, There’s so much abuse in our government,’ Schmitt told Fox News Digital. ‘I’m glad there was a laser-like focus on it. We ought to make many of those reforms permanent, but there probably ought to be some investigations here about where this money actually went. I mean this is taxpayer money. People work hard.’

After DOGE and the Treasury Department uncovered $4.7 trillion in untraceable funds, Marshall and Sen. Rick Scott of Florida introduced a bill in March requiring the Treasury Department to track all payments. 

The Locating Every Disbursement in Government Expenditure Records (LEDGER) Act seeks to increase transparency in how the Treasury Department spends taxpayer money. 

‘When you hear about this story that they didn’t know where the money was going, it makes you mad because this is somebody’s money, this is taxpayers’ money when we have almost $37 trillion in debt, so this makes no sense at all,’ Scott said. 

The Congressional Budget projects that interest payments on America’s national debt will total $952 billion in fiscal year 2025. That’s $102 billion more than the United States’ defense budget at $850 billion. 

‘We paid out more last year on our debt, $36 trillion in debt, with $950 billion in interest going to bondholders all over the world, including in China. That $950 billion didn’t go to build a bridge or an F-35. We paid more on the interest on debt than we did to fund our military,’ said Sen. Dan Sullivan, R-Alaska. 

‘That is an inflection point that when most countries hit, you look at history, that’s when great powers start to decline. So we have to get those savings.’

This post appeared first on FOX NEWS
0 comment
0
FacebookTwitterPinterestEmail
previous post
SCOOP: House Republicans request ban on federally funded ‘transgender animal’ experiments in 2026 budget
next post
Trump talks with Putin, spars with South African leader, threatens EU tariff hike in 18th week in office

You may also like

DNI Tulsi Gabbard declassified Trump-Russia docs: Here’s what...

July 26, 2025

FTC firings take spotlight in Trump’s fight to...

July 26, 2025

DAVID MARCUS: Zany Zohran endorsement is existential choice...

July 26, 2025

Trump signs rescissions package, closes out week with...

July 26, 2025

CHARLIE KIRK: Republicans must seize Gen Z moment...

July 26, 2025

Europeans meet with Iranian officials face-to-face for first...

July 26, 2025

Trump’s executive order on birthright citizenship blocked by...

July 26, 2025

Michelle Obama portraitist’s exhibit with trans Statue of...

July 25, 2025

House Freedom Caucus conservative to enter race for...

July 25, 2025

Pelosi confident about Dems’ chances to win House,...

July 25, 2025

    Fill Out & Get More Relevant News


    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Chart Mania – 23 ATR Move in QQQ – Metals Lead 2025 – XLV Oversold – XLU Breakout – ITB Moment of Truth

      July 25, 2025
    • S&P 500 Breaking Out Again: What This Means for Your Portfolio

      July 24, 2025
    • Momentum Leaders Are Rotating — Here’s How to Find Them

      July 24, 2025
    • Is META Breaking Out or Breaking Down?

      July 23, 2025
    • A Wild Ride For the History Books: 2025 Mid-Year Recap

      July 23, 2025
    • Tech Taps the Brakes, Homebuilders Hit the Gas: See the Rotation on StockCharts Today

      July 22, 2025
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 simplesmartseminar.com | All Rights Reserved

    Simple Smart Seminar
    • Stock
    • Investing
    • Politics
    • Tech News
    • Editor’s Pick