Report: Fraud Costs Government Hundreds of Billions

The U.S. Government Accountability Office, a nonpartisan agency that reports to Congress, said in a release Tuesday that the federal government could lose $233 billion to $521 billion annually due to fraud.

The fraud estimates range from 3% to 7% of average federal spending, the GAO said. The GAO said U.S. fraud losses are in line with countries like the United Kingdom.

In its report, the GAO offered recommendations to the Office of Management and Budget (OMB) and Treasury on how to fix the problem:

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