Contract Spending Plunged $20B In 2012, White House Says

Law360, New York (December 6, 2012, 8:12 PM EST) -- The federal government has reduced contract spending by 4 percent in the past fiscal year, the White House announced Thursday, a $20 billion reduction that the president said marked the largest one-year drop in history.

The White House attributed the savings to the elimination of unnecessary contracts and more interagency cooperation on larger bulk contract purchases. Office of Federal Procurement Policy administrator Joe Jordan said that contract spending was overdue for a decline after an unsustainable 12 percent annual increase during former President George W. Bush's...
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