TSA faces huge funding shortfall
<FONT SIZE=1>	The Transportation Security Administration is mismanaging its contracts and faces a $3 billion shortfall over the next two years, according the Department of Transportation's inspector general. </FONT>
The Transportation Security Administration is mismanaging its contracts and faces a $3 billion shortfall over the next two years, according the Department of Transportation's inspector general.
Inspector General Kenneth Mead told the Senate Transportation subcommittee Feb. 5 that the agency's operating costs are expected to exceed the passenger security fees for fiscal 2003 and 2004. The agency's budget will require a large infusion of cash from the general fund.
"This comes at a time when the General Fund is already strained to pay for vastly increased fiscal needs throughout the government. ... These costs are hitting at the very time much of the industry is in extreme financial distress," Mead said.
Inspector General Kenneth Mead told the Senate Transportation subcommittee Feb. 5 that the agency's operating costs are expected to exceed the passenger security fees for fiscal 2003 and 2004. The agency's budget will require a large infusion of cash from the general fund.
"This comes at a time when the General Fund is already strained to pay for vastly increased fiscal needs throughout the government. ... These costs are hitting at the very time much of the industry is in extreme financial distress," Mead said.