JUST IN: Treasury blocks $100 MILLION in payments to deceased individuals

New Payment Verification Process [00:13]

• The Treasury Department announced the successful implementation of a new government-wide payment verification process.
• This process is designed to stop federal payments from being sent to deceased individuals.

  "The process designed to help stop federal payments being sent to deceased individuals."

Initial Savings Identified [00:26]

• The department identified nearly 5,000 payments worth approximately $99 million.
• All these payments were linked to dead people and deceased payees.

  "The department identifying nearly 5,000 payments worth approximately $99 million all linked to dead people and deceased payees."

Executive Order and Future Projections [01:02]

• Treasury Secretary Scott Bessent stated this is part of President Trump's common sense agenda.
• President Trump issued an executive order for the "do not pay" system to interact with Treasury payment systems.
• So far, about $100 million in payments to deceased people have been stopped.
• The department anticipates stopping up to $350 million before the end of the year.

  "And as a result, so far we've saved about $100 million payments that didn't go to deceased people and that would would have gone out."

Broader Impact and GAO Estimates [01:30]

• This initiative aligns with the Vice President's task force on eliminating waste, fraud, and abuse in the government.
• The GAO estimates that the total amount of such payments could be up to $500 billion, which is about 1.66% of GDP.
• This potential saving could significantly contribute to paying down the national debt or providing more services.

  "The GAO estimates that it might be this number might be up to $500 billion, which is about 1.66% of GDP."

Addressing Fraud and Waste [02:20]

• The discussion highlighted that millions of dollars were lost due to fraud and waste because people weren't paying attention.
• It was noted that in the Biden administration, HHS reportedly reduced the number of people monitoring fraud.
• The key is stopping the money from going out at the source, as retrieving it once disbursed is very difficult.

  "Well, look, in the in the Biden administration, HHS uh got rid of about 50 or 60 of the people who were charged with monitoring uh fraud."

Continued Efforts and Importance [03:03]

• The Vice President's task force is unearthing issues across the health care system as well.
• The effort is deemed incredibly important, especially as Congress discusses debt and deficits.
• These are real efforts to save money and eliminate fraud and waste and abuse.

  "They unearth things, you know, all all across the health care system, too."