These statistics, if anything, understate the slack pace in two ways. First, the costs of these projects are rising or, in some cases, they were underestimated at the outset. Therefore, if, say, half of a project's budget has been spent, it's probably less than half-finished; actually completing it will cost more. According to the SIG audit, for the five U.S. Agency for International Development projects that are more than 50 percent finished, the estimated cost-to-complete is 85 percent higher than originally estimated. The 10 multinational programs that are over 90 percent complete have gone up in cost by 50 percent.

Second, the gap between money appropriated and money spent is growing, not shrinking. There's an interesting chart on Page 75 of the SIG audit, tracking the two trends over time. From March 2003 through June 2004, obligations and disbursements are nearly synonymous. Then the two lines split off. Obligations soared, while disbursements rose much more gradually. In other words, it is becoming harder, not easier, to spread the money to specific projects. By this measure, the situation is becoming worse, not better.