The Pentagon announced late last week that it failed its seventh consecutive audit. As with its past failures to achieve a clean audit, the U.S. Defense Department attempted to cast the 2024 results in a positive light, with the Pentagon's chief financial officer declaring in a statement that "momentum is on our side." The Pentagon is the largest U.S. federal agency and is responsible for roughly half of the government's annual discretionary spending, with its yearly budget approaching $1 trillion despite long-standing concerns about the department's inability to account for vast sums of money approved by lawmakers and presidents from both major parties. The latest financial assessment published Friday by the Defense Department's inspector general office estimates that the Pentagon has $4.1 trillion in assets. It is the only major federal agency that has never passed a clean audit, as required by law. Since the department's first failed audit in 2018, Congress has authorized trillions of dollars in additional military spending. According to the Costs of War Project, more than half of the department's annual budget "is now spent on military contractors" that are notorious for overbilling. Lawmakers have long cited the Pentagon's failure to pass a clean audit as evidence of the department's pervasive waste and fraud. The Pentagon buried a 2015 report identifying $125 billion in administrative waste out of concern that the findings would be used as a justification "to slash the defense budget."