The Commons Public Accounts Committee also questioned whether the 2012 Games will provide the promised jobs for people outside London including the north west.
It said organisers promised to employ 1,000 apprentices from the construction industry - so far only 20 youngsters are working on the Olympic Park.
Olympic bosses also promised to help businesses in the regions bid for work - yet MPs found that half the 1,500 workforce came from London.
Chairman of the committee, Tory MP Edward Leigh said the Olympic motto was `swifter, higher, stronger' and the second part of it was certainly true when it came to the cost.
He said: "The £9.3bn budget for public sector funding of the Games is more than £5bn higher than the estimated cost at the time the bid was made for London to be the host."
Mr Leigh said the original estimate of just over £4bn was unrealistic, ignoring factors such as tax obligations and security.
And he said: "The estimate of the extent to which the private sector would contribute funding towards the Games has proved little more than wishful thinking."
There were complaints from many MPs that all the money would go to the south east, leaving regions out in the cold.
But the government insisted the Games would not only help east London but it would have economic benefits for Britain as a whole, with some events taking part in the regions.
But the MPs are sceptical about the promise to employ 1,000 building industry apprentices and to provide many jobs from regions outside London.
They add, however, that although £124m has been taken from lottery sports funds, this has been balanced by the government's announcement of an extra £100m for sport in schools and communities, and by Sport England's plans to raise an extra £50m from the private sector Tweet
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I'm hoping it will vastly increase the value of my daughter's flat in Hackney - other than that I don't care.
How many more times do I have to keep repeating this.
The Olympics is nothing but a financial black hole down which unelected quangos who get their snouts in the trough, pour OTHER peoples money.
It has nothing to do with sport at all, just blatant, bloated commercialism run riot. I can not, for the life of me, imaging why anyone would actually want to host this money pit.
And what is it all in aid of anyway? to watch drugged up people on steroids jump over things?
I would rather watch Teletubbies. The whole thing is just a shameless example of corporate greed and the worlds biggest gravy train.
I think it should be abolished completely
Nothing new here then. I wonder who is getting rich quick again.
London sneered at Manchester's bidding for, and running of, the Commonwealth Games.
Yets it was delivered on budget, on time and was a great success, with ongoing rewards now for the region.
London only won the Olympics on the back of Manchester's bid (as its own reputation was ruined by the World Athletics cancellation fiasco).
And now we see yet another London project ruined by greed and infighting. Add this to The Dome, new Wembley, World Athletics Championship...etc etc
Seb Coe should be made to pay any shortfall.
The reason why it will get built is most of the european companies want very well paid work.I wonder how much of this money is really going to british companies owned by british people for the nenefit of british people.answer very little.
Who needs the Political Games?
Bloody Rubbish.Steroids.Drugs.Fancy gold dripping Bimbos.