Saturday, March 05, 2011

White House Seeks $15 Billion from Federal Property Sales

Earlier in the week the Obama administration announced a plan to create an independent board to overlook the sale of billions of dollars worth of federal property. Both at home and abroad, President Obama wants to get rid of unnecessary federally owned buildings.


President Barack Obama previewed the plan in his 2012 budget and State of the Union Address as part of his efforts to trim government waste and curb a budget deficit projected to reach $1.645 trillion this fiscal year.

The board, made up of experts drawn from the private and public sector, would make recommendations to Congress on 14,000 properties already identified as excess to requirements.

The White House says it expects the board, whose creation requires the approval of Congress, would save $15 billion in the first 3 years of its operation.

"The proposed civilian property realignment board will finally bring 21st century management practices to federal real estate," White House deputy budget director Jeffrey Zients told reporters.

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