US Contract Spending Dips For 1st Time In 13 Years

Law360, New York (February 7, 2011, 2:18 PM EST) -- For the first time since 1997, the federal procurement budget shrank slightly in fiscal year 2010, as federal agencies followed through on White House orders to tighten belts on skyrocketing contracting budgets.

The U.S. government spent approximately $535 billion on overall contract spending in FY 2010, compared to $550 billion from the year before, U.S. Office of Management and Budget officials announced Friday.

The FY 2010 budget dip comes after nearly two full decades of government contracting growth, according to the OMB. Since 1997, and in...
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