In an interview with journalist Christopher Rufo, Treasury Secretary Scott Bessent revealed something that should shock and concern everyone – that hundreds of billions in the U.S. budget are being thrown down the sewer on waste, fraud, and abuse each year.
It’s “about 10 percent of the federal budget,” Bessent explained. “One to two percent of the GDP.”
🚨 HOLY SH!T! Sec. Scott Bessent says as much as 10% of the U.S. budget is fraud — $300-600 BILLION in taxpayer dollars is stolen EVERY YEAR pic.twitter.com/lnDE86ytlr
— Chief Nerd (@TheChiefNerd) January 11, 2026
He said that wasn’t just his number; that’s from the General Accounting Office (GAO).
A GAO analysis found that between $233 billion and $521 billion was lost annually due to fraud during fiscal years 2018 through 2022.
Since fiscal year 2003, improper payments — separate from fraud — have likely cost taxpayers about $2.8 trillion, the GAO also found.
That’s an incredible amount of the budget.
Bessent said if you could cut that down, you could improve the military that had been run down without needing to do anything more to get the money. And, frankly, you could spend it on anything to improve the country or hold it to cut the debt, rather than wasting it.
Bessent and his finance guys are trying to stop the fraud, along with some of the other investigatory agencies of the government. He also blasted Minnesota Gov. Tim Walz. Walz should take heed of what he had to say because he isn’t going to like it. I’ve watched a lot of comments from Bessent since he took over his post, and I don’t think I’ve ever seen him as ticked off as he was about the failure to provide security at the Minnesota Capitol.
Rufo explained how the interview was supposed to take place there, but it didn’t happen there. Bessent explained why.
🔥 NEW: Sec. Scott Bessent Says Tim Walz Won’t Be Able to Hide From This Fraud Investigation
“Tim Walz is a coward … He is afraid of what is coming and he’s not going to be able to hide.” pic.twitter.com/Qc4tDxJEJz
— Chief Nerd (@TheChiefNerd) January 11, 2026
“Tim Walz is a coward,” Bessent said angrily.
He would not guarantee that the Treasury Secretary of the United States of America would have police protection in the Minnesota state Capitol. He is afraid of what is coming, and he’s not going to be able to hide behind this curtain because we will get there. And I don’t have to go into the Capitol building to investigate him.
Bessent said he would love the embattled governor to come to the Treasury building for questions, and he would guarantee his safety there.
We already know that Walz quit his reelection effort because of the explosion of the fraud scandal in his state. The recent audit revealed more troubling questions about records being changed as well.
READ MORE: Is This Why Tim Walz Quit? New Bombshell Audit Exposes Even More Minnesota Fraud
Bessent can’t reveal what’s going on in the investigation, but that sounds a lot like Walz should be concerned.
Bessent doesn’t strike me as a guy who shoots from the hip.
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