How much money is the federal government losing to fraud annually?

According to James Freeman of the Wall Street Journal, Democrats on the House Oversight Committee have acknowledged that government fraud amounts to more than $200 billion annually. The Government Accountability Office (GAO) estimates put the figure possibly over $500 billion per year. As confirmed in the clip, the federal government could be losing between $233 billion and $521 billion annually to various fraudulent activities. This significant acknowledgment from both political parties indicates a concerning level of financial malfeasance within federal programs that requires greater accountability and oversight.