DOGE Says $4.7 Trillion in Treasury Payments Missing Identification Codes

The Epoch Times Header

The payments for unknown items make government spending almost impossible to track, according to the agency.

The Department of Government Efficiency (DOGE) said on Feb. 17 that a total of $4.7 trillion worth of payments from the Treasury Department are almost impossible to trace because of missing account identification codes.

DOGE said the Treasury Department has assigned identification codes called Treasury Access Symbols (TAS), designed to note which account a Treasury payment is linked to, which DOGE said was a โ€œstandard financial processโ€ for bookkeeping. However, the codes were not assigned for trillions of dollars worth of payments as the field was considered optional, according to the agency.

โ€œIn the Federal Government, the TAS field was optional for ~$4.7 trillion in payments and was often left blank, making traceability almost impossible,โ€ DOGE stated on the social media platform X.

โ€œAs of Saturday, this is now a required field, increasing insight into where money is actually going. Thanks to U.S. Treasury for the great work.โ€

According to the Bureau of the Fiscal Service, TAS codes are identification codes assigned by the Treasury to โ€œan individual appropriation, receipt, or other fund account.โ€

It stated that all financial transactions made by the federal government are typically classified using a TAS code for reporting to the Treasury and the Office of Management and Budget.

Savings Found

DOGE, headed by SpaceX and Tesla CEO Elon Musk, also proposed on Monday to eliminate paper checks at the Treasury to help save U.S. taxpayersโ€™ money.

According to the advisory commission created by President Donald Trump, the Treasury processed 116 million paper checks in the fiscal year 2024 and stored them in a lockbox. The estimated cost of maintaining the lockbox is $2.40 per check, it stated.

DOGE also stated that some $25 billion in tax refunds were delayed or lost due to return of expired checks during the fiscal year 2023.

โ€œDeleting paper checks would save at least $750 million per year,โ€ the commission stated on social media platform X.

Trump replaced the existing United States Digital Service with DOGE and asked the commission to review federal agencies for potential downsizing and cost reductions. Trump would have to approve any proposals made by DOGE, which only has a fact-finding and advisory function.

Byย Aldgra Fredly

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

WNBAโ€™s Sophie Cunningham Defends Caitlin Clark

Sophie Cunningham did the right thing in standing up for Caitlin Clark. She grew her fan base simply by doing the right thing.

Beijing and Moscow Double Down on Propping Up Tehran, Threaten to Give It Nukes

As anyone who understands how these things unfold could...

The Looming Threat To Our Homeland

After success of โ€œOperation Midnight Hammer,โ€ where U.S. military bombed Iranian nuclear facilities, the threat to America has never been greater.

Trumpโ€™s Bold Strike on Iran: A Necessary Move for Global Securityย 

Trumpโ€™s airstrikes on Iranโ€™s nuclear facilities have been hailed as a courageous and necessary action to safeguard American interests and global stability.

Groundhog Day came late this year to the Land of Smiles.

itโ€™s the same rigmarole, on whatever pretext, the army commandeers the Thai state with vague promises to restore democracy at some unspecified future date.

Trump Reacts to New York City Choosing a Democratic Socialist Mayoral Candidate

President Donald Trump said Democrats have gone too far left, as evidenced by their choice of a New York City mayoral candidate who espouses far-left policies.

FedEx Lowers Revenue Outlook as Volume From China โ€˜Deteriorated Sharplyโ€™

In the fiscal fourth quarter, Fedex adjusted its network to match shifting demand, cutting Asia-to-America lane capacity by more than 35% in May.

5 Takeaways From Mamdaniโ€™s Upset Victory in NYCโ€™s Mayoral Democratic Primary

Zohran Mamdani, a 33-year-old self-described socialist, won the Democratic Primary contest for the 2025 New York City mayoral election.

Fed Moves to Relax Key Capital Rule for Big Banks to Support Treasury Markets

Fed Reserve adopted draft proposal to ease a key capital requirement for nationโ€™s largest banks, aimed at reducing regulatory pressure discouraging holding of low-risk assets.

Key Takeaways From Trumpโ€™s Whirlwind NATO Summit

Trump wrapped up 24-hour visit to the Netherlands for the NATO summit, securing agreement to increase defense spending commitments from allies.

Trump Accuses Spain of Wanting NATO โ€˜Free Rideโ€™, Makes Trade Threat

Trump accused Spain of wanting a โ€œfree rideโ€ after it refused to agree to the 5 percent of GDP defense spending target set at the NATO summit.

Trump Arrives in Netherlands for NATO Summit, With Defense Spending High on Agenda

President Donald Trump arrived in Amsterdam on Tuesday to attend the NATO summit, which is being held in The Hague from June 24 to 25.

Major Victory for Trump Administration and the American People on Deporting Criminal Illegal Aliens to Third Countries

Supreme Court decision allows DHS to deport criminal illegal aliens who are not wanted in their home country to third countries who've agreed to accept them.
spot_img

Related Articles