Mysterious fund allows Congress to spend freely, despite earmark ban
Finance Monday, May 30th, 2011
By Cole Deines, CNN
Washington (CNN) — The defense bill that just passed the House of Representatives includes a back-door fund that lets individual members of Congress funnel millions of dollars into projects of their choosing.
This is happening despite a congressional ban on earmarks — special, discretionary spending that has funded Congress’ pet projects back home in years past, but now has fallen out of favor among budget-conscious deficit hawks.
Under the cloak of a mysteriously-named “Mission Force Enhancement Transfer Fund,” Congress has been squirreling away money — like $9 million for “future undersea capabilities development,” $19 million for “Navy ship preliminary design and feasibility studies,” and more than $30 million for a “corrosion prevention program.”
So in a year dominated by demands for spending cuts, where did all the money come from?
To read more, visit: http://www.cnn.com/2011/POLITICS/05/28/mysterious.fund/index.html?hpt=T2
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