September 18, 2017
Companies scramble for $98 billion in federal contract spending
Bloomberg Government, Paul Murphy, September 18, 2017
As the clock ticks down on fiscal 2017, an estimated $98 billion in federal agency contract obligations remains unspent.
Federal agencies have until the end of September to spend an estimated $488 billion approved by Congress for their operations in fiscal 2017, or about $2.5 billion a day, according to data compiled by Bloomberg Government.
An estimated $390 billion had been spent as of August 22. Any available funds not under contract by the end of next month will be returned to the Treasury.
The Department of Defense leads all federal agencies with $60 billion available to spend through the end of September, which represents about one out of five of its estimated, year- end spending total. The Department of State leads all agency shares of estimated, unspent obligations, at 41 percent.
Much of the government’s year-end spending rush traditionally occurs in the last few days of the year. Federal agencies spent a combined $38 billion from Sept. 23-30 last year. READ MORE….
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