Washington (CNN) -- President Barack Obama turned his attention to the ongoing fight against government waste Thursday, signing a bill requiring federal agencies to spend at least $1 million annually on audits targeting improper payments and fraud.

Among other things, the Improper Payments Elimination and Recovery Act provides new financial incentives for auditors to track down government waste and requires the administration to report to Congress each fiscal year on steps taken to cut down on inappropriate expenditures.

Government needs to be a "responsible steward" of taxpayer dollars, Obama said shortly before signing the bill at the White House. "There are outstanding public servants ... but too often their best efforts are thwarted by outdated technologies and outmoded" ways of doing business.

The government improperly spent $110 billion last year -- more than the budgets of the Small Business Administration and the Education Department combined, the president said.

Obama said his goal is to reduce the improper federal payments by $50 billion between now and 2012.

"This isn't just about lines on a spreadsheet," he said. "When government doesn't work like it should, it has a real effect on people's lives."

The Senate passed the bill by unanimous consent on June 23. The House of Representatives approved it July 14.

that was on his watch...but at least he trying to do something about it.

They're spending more money to ensure that more is not spent/wasted? That is exactly what they are doing with this bill.. spending and wasting more taxpayers money. It's what they are best at doing! Perhaps that's why it's called the "spending" bill...

The half-breed fraud in the white house and his criminal administration has spent/wasted more money than all the presidents in the last 40 years combined!!

The numbers regarding whether this bill ends up helping or harming can always be manufactured (dang, I`m JADED!)

Obama promised he would do this on his campaign trail.

It is supposed to be done that is what people voted for him for.

well, he is trying to do what he said on the campaign trail... if the republicans would quit blocking him...

The only thing he's doing is plunging this, and future generations into un-payable debt that they will never overcome...all to further his own agenda.
Sorry, but the Republicans are'nt stopping any of this.

not to be arguing, but both parties hamper each others efforts as much as they can...as far as i can remember, it started with reagan, and has gotten steadily worse. they cant work together, they always gotta be bickering at each other.