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Obama takes aim at costly defense contracts
President Barack Obama said on Wednesday the U.S. government was paying too much for things it did not need and ordered a crackdown on spending “plagued by massive cost overruns and outright fraud.”
The Democrat, under fire from Republicans for the $3.5 trillion price tag for his 2010 budget plan, also took aim at predecessor George W. Bush and noted the cost of government contracts had doubled to more than half a trillion dollars over the past eight years.
“The days of giving defense contractors a blank check are over,” Obama told reporters in a briefing on his reforms.
“Far too often spending is plagued by massive cost overruns, outright fraud and the absence of oversight and accountability,” said Obama, who campaigned on promises of sweeping change and greater accountability in Washington.