Barack Obama: “Over the last eight years, government spending on contracts has doubled to over half a trillion dollars. Far too often…”

“Over the last eight years, government spending on contracts has doubled to over half a trillion dollars. Far too often the spending is plagued by massive cost overruns, outright fraud and the absence of oversight and accountability. In some cases contracts are awarded without competition. In others, contractors actually oversee other contractors. We are spending money on things we don't need and we are paying more than we need to pay. And that's completely unacceptable.”