https://sputnikglobe.com/20230720/us-senate-rejects-bill-to-avoid-pentagon-valuation-errors-after-ukraine-aid-mishap-1112002238.html
US Senate Rejects Bill to Avoid Pentagon Valuation Errors After Ukraine Aid Mishap
US Senate Rejects Bill to Avoid Pentagon Valuation Errors After Ukraine Aid Mishap
Sputnik International
WASHINGTON (Sputnik) - The US Senate rejected an amendment to the Fiscal Year 2024 National Defense Authorization Act (NDAA) to rework the Pentagon’s... 20.07.2023, Sputnik International
2023-07-20T02:22+0000
2023-07-20T02:22+0000
2023-07-20T02:20+0000
military
us senate
josh hawley
ukraine
pentagon
national defense authorization act (ndaa)
valuation
accounting errors
audit
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Senators rejected the measure on Wednesday in a vote of 39 in favor and 60 opposed. Earlier this year, the Pentagon revealed a $6.2 billion valuation error in military equipment provided to Ukraine. The error was a result of using replacement costs instead of the book value of the equipment, according to the Pentagon. The amendment would require the Pentagon to use the “aggregate value” of defense equipment and services. The amendment defines aggregate value as the original cost of an article plus the cost of improvements or modifications by the government, or the replacement cost, whichever is greater. For defense services, the amendment defines aggregate cost as the full cost to the US government of providing the services. The measure ensures that US military aid and the cost to US taxpayers is “properly and consistently calculated,” legislation co-lead US Senator JD Vance also said in the statement. The Senate is currently considering a number of amendments to the $886 billion FY24 NDAA, which the chamber hopes to pass before lawmakers leave for their August recess.
https://sputnikglobe.com/20230330/us-house-committee-passes-resolution-to-audit-money-sent-to-ukraine-1108966822.html
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us senate, josh hawley, ukraine, pentagon, national defense authorization act (ndaa), valuation, accounting errors, audit
us senate, josh hawley, ukraine, pentagon, national defense authorization act (ndaa), valuation, accounting errors, audit
US Senate Rejects Bill to Avoid Pentagon Valuation Errors After Ukraine Aid Mishap
WASHINGTON (Sputnik) - The US Senate rejected an amendment to the Fiscal Year 2024 National Defense Authorization Act (NDAA) to rework the Pentagon’s accounting methods for aid sent to Ukraine to avoid future valuation errors.
Senators rejected the measure on Wednesday in a vote of 39 in favor and 60 opposed.
Earlier this year, the Pentagon revealed a $6.2 billion valuation error in military equipment provided to Ukraine. The error was a result of using replacement costs instead of the book value of the equipment, according to the Pentagon.
“The so-called 'valuation errors' around US aid to Ukraine is a transparent attempt to bypass Congress for additional funds, while continuing to prioritize Ukraine over more vital US interests, including deterring China in the Pacific,” US Senator Josh Hawley, who introduced the measure, said in a statement.
The amendment would require the Pentagon to use the “aggregate value” of defense equipment and services. The amendment defines aggregate value as the original cost of an article plus the cost of improvements or modifications by the government, or the replacement cost, whichever is greater.
For defense services, the amendment defines aggregate cost as the full cost to the US government of providing the services.
The measure ensures that US military aid and the cost to US taxpayers is “properly and consistently calculated,” legislation co-lead US Senator JD Vance also said in the statement.
The Senate is currently considering a number of amendments to the $886 billion FY24 NDAA, which the chamber hopes to pass before lawmakers leave for their August recess.
