Another $161 billion that taxpayers lost to improper payments

Topline: Federal agencies reported $161.5 billion in improper payments during fiscal year 2024, according to data released by the Office of Management and Budget in November.

President Joe Biden will leave office having lost $925.7 billion to improper payments — money sent to the wrong person, for the wrong amount or the wrong reason — during his four-year term. Adjusted for inflation, Biden’s term will have lost $986.2 billion.

That’s the worst for any president since reporting began in 2004, even adjusted for inflation.