White House announces spending transparency board

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Biden said that the implementation of the Recovery Act changed agency culture toward one of preventing waste and fraud rather than dealing with incidents as they crop up.

“It is never been viewed up until now as that essential,” he said.

Biden acknowledged that tackling waste should not be viewed as a panacea for solving economic problems worldwide or to solving the multitrillion-dollar federal debt.

He said he is confident that the debt talks he is leading with six members of Congress, set to convene again Tuesday, will meet the White House goal of $4 trillion in deficit reduction over 12 years.