Watchdog raises concerns about London 2012 budget

Britain's government spending watchdog says Olympic organizers might run short of contingency funds to meet unexpected costs facing the 2012 London Games.

Only $1.6 billion of the original $4.4 billion in public funds set aside for a contingency budget remains, with about 80 percent of the construction program for the Olympics completed.

The National Audit Office warns Wednesday in its latest report on Olympic preparations that ''there can be no guarantee that the remaining contingency will be sufficient to cover further unknown risks to the games.''

The NAO says the planned timing for the completion of the aquatics center in July and the athletes' village in January 2012 is ''becoming tight.''