of $84,000 got $150,000 in overtime pay. we saw a quarter of a million dollar distributions to a number of employees that were also investigated. a 79,000 there are for one bonus with compensation went as high as $260,000. there s something wrong in gsa when you have to pay an employee $115,000 in overtime. then we found multiple $50,000 bonuses in this agency. conferences are one thing. multimillion dollar bonuses, outrageous. despite a specific guidance by the administration in 2011 and let me read it that bonuses or this extra compensation would be awarded in manner that s cost effective for agencies and successfully motivate strong employee performance. this is a little bit long but i want to highlight some of what we found to date. this is only the preliminary results of our investigation. we ve got, we re getting this in drips and drabs. this wasn t a coordinated effort. these were independent. all this is sort of come together and uncovered an incredible array of waste
they said they are there for us and they will move when needed. but, when is needed since we all agree the numbers got weak? reporter: we re still not sure when needed is. many fed-watchers thought bernanke and crew would end today s meeting with a pledge to keep interest rates low through 2015; that would be a six month extension from current policy. and surprisingly their earlier statement and their individual projections in june, suggested as such. reporter: but that didn t happen. instead, the fed said it is closely monitoring the economy. of course, that s what a central bank is paid to do, but fed watchers pointed out the last time the fed used a phrase like closely monitoring was 2008, just before bernanke launched an aggressive effort to bring down long-term interest rates. though this time, the economy is stronger. i believe that their baseline view is the most likely view. that is to say that the economy will muddle through and gradually improve as t
fraud and abuse within federal spending. the presiding officer: without objection, the senate shall proceed to the measure. mr. reid: i ask unanimous consent the committee-reported substitute amendment be considered, the carper amendment, which is at the desk, be agreed to, the committee-reported amendment as amend be agreed to, and the bill as amend be read a third time, passed and the motion to reconsider be laid on the table with no intervening action or debate and any related statements be printed in the record as if read. the presiding officer: without objection. mr. reid: i now ask that we proceed to s. j. res. 49. the presiding officer: the clerk will report. the clerk: s. j. res. 49, joint resolution providing for the appointment of barbara barrett as a citizen regent of the board of regents of the smithsonian institution. the presiding officer: without objection, the senate shall proceed to the measure. mr. reid: i ask unanimous consent the joint resolution be passed
language the fed used the last time it launched a new bond buying program. the fed s assessment of the u.s. economy was also pretty gloomy. it said economic activity decelerated over the first half of this year. employment growth has been slow in recent months. the housing sector remains depressed. and household spending has risen at a slower pace. susie: investors were disappointed that the fed decided to stick to its current policies. all of the major averages were in the red. the dow lost 32 points, the nasdaq fell 20, and the s&p off four points. we have two reports, looking at the fed decision, and market reaction. we begin in washington with darren gersh. the federal reserve has concluded the economy is slowing, which raises an obvious question. well, okay, now what are you going to do about it. well, they didn t do anything about it. they said they are there for us and they will move when needed. but, when is needed since we all agree the numbers got weak? repo
they said they are there for us and they will move when needed. but, when is needed since we all agree the numbers got weak? reporter: we re still not sure when needed is. many fed-watchers thought bernanke and crew would end today s meeting with a pledge to keep interest rates low through 2015; that would be a six month extension from current policy. and surprisingly their earlier statement and their individual projections in june, suggested as such. reporter: but that didn t happen. instead, the fed said it is closely monitoring the economy. of course, that s what a central bank is paid to do, but fed watchers pointed out the last time the fed used a phrase like closely monitoring was 2008, just before bernanke launched an aggressive effort to bring down long-term interest rates. though this time, the economy is stronger. i believe that their baseline view is the most likely view. that is to say that the economy will muddle through and gradually improve as t