Story perspectives

U.S. Faces $521 Billion Losses Amid Fraud Crackdown

1/12/2026

44 3

Summary

Story summary

Treasury Secretary Scott Bessent says the U.S. loses billions to waste, fraud, and abuse.
Government Accountability Office (GAO) estimates that losses from 2018–2022 range between $233 billion and $521 billion.
U.S. President Donald Trump has proposed a $1.5 trillion military budget.
Vice President JD Vance announced a Justice Department initiative to investigate fraud in Minnesota's welfare system.
The IRS reported a tax gap of about $606 billion in 2022.

1 of 1

Story summary

Treasury Secretary Scott Bessent says the U.S. loses billions to waste, fraud, and abuse.
Government Accountability Office (GAO) estimates that losses from 2018–2022 range between $233 billion and $521 billion.
U.S. President Donald Trump has proposed a $1.5 trillion military budget.
Vice President JD Vance announced a Justice Department initiative to investigate fraud in Minnesota's welfare system.
The IRS reported a tax gap of about $606 billion in 2022.