GAO Says SEC Underestimated Budget By $50M
The budget for fiscal year 2005, $888 million, is expected to fall $20.2 million short of expenses. The deficit in fiscal year 2006 is projected at $28.5 million.
The report says that the SEC, plagued by administrative problems, failed to accurately assess the costs of building its new headquarters, which opened in the spring.
Costs ran far higher...
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