Biden admits 'waste' part of stimulus

Wed, 03 Jun 2009 14:24:44 GMT

http://www.presstv.com/detail.aspx?id=96905&sectionid=3510203

US Vice President Joe Biden admits that a $787 billion budget stimulus aimed at saving the ailing US economy is prone to create some waste.

"We know some of this money is going to be wasted," the vice president said in a Tuesday speech delivered at the gathering of New York's leading business associates.

In the course of the plan, "There are going to be mistakes made," he said while acknowledging that the American taxpayers' money could be mishandled as "some people are being scammed already."

Biden, however, stressed that the program's success depends on transparency and accountability.

Obama's budget plan is devised to create around four million jobs and to help stop the foreclosure of homes and businesses nationwide.

The US Congress ratified Obama's stimulus package in February, much to the dismay of the minority Republicans on the Capitol Hill, who lambasted the government spending bill and predicted that it generates more inflation.

Biden, who is tasked with supervising implementation of the stimulus, remained upbeat on the future of US economy, saying, "We're seeing solid hints of stabilization in many markets, including housing."