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US RUNS TRILLION DOLLAR DEFICIT$ WHILE IRAQ BANK$ BILLION$ IN OIL MONEY

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MONADNOCK
User ID: 457129
8/5/2008 10:24 PM
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US RUNS TRILLION DOLLAR DEFICIT$ WHILE IRAQ BANK$ BILLION$ IN OIL MONEY

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Iraq Banks Billions in Surpluses, GAO Says
Nation's Oil Revenue Rising Sharply While U.S. Funds Reconstruction Projects

By Karen DeYoung
Washington Post Staff Writer
Wednesday, August 6, 2008; Page A06

Iraq's oil income will more than double this year, even as Baghdad continues to spend only a small percentage of its own money on reconstruction and services while it banks billions in surplus funds, according to projections by U.S. government auditors.

Between 2005 and 2007, only 10 percent of Iraq's expenditures went toward reconstruction, with just 1 percent spent on maintaining U.S. and Iraqi-funded investments in roads, water, electricity and weapons, according to a report released yesterday by the Government Accountability Office. Even when Baghdad has allocated larger sums, the report said, it has spent only a small portion of the budgeted money.

Those trends, which the report said have continued during the first half of this year, are likely to fuel further congressional discontent over ongoing U.S. payments to rebuild Iraq. "It is inexcusable for U.S. taxpayers to continue to foot the bill for projects the Iraqis are fully capable of funding themselves," Senate Armed Services Committee Chairman Carl M. Levin (D-Mich.) said in a statement yesterday.

"We should not be paying for Iraqi projects, while Iraqi oil revenues continue to pile up in the bank, including outrageous profits from $4 a gallon gas prices in the U.S.," said Levin, who requested the GAO investigation along with Sen. John W. Warner (R-Va.).

The United States has appropriated about $48 billion for Iraqi reconstruction since 2003 and has committed all but about $6 billion. "The era of U.S.-funded major infrastructure projects is over," Ryan C. Crocker, the U.S. ambassador in Baghdad, told Levin's committee this spring.

But Congress has objected to other ongoing spending, including an "emergency" military fund used for reconstruction and relief projects, as well as payment of salaries for more than 90,000 non-military security volunteers, called the Sons of Iraq, whose funding Baghdad has been slow to assume.

In a letter to Defense Secretary Robert M. Gates last week, Levin and Warner questioned the approval of $33 million from the Commander's Emergency Response Program to finance a new hotel, office and retail complex at Baghdad International Airport.

[link to www.washingtonpost.com]

Anonymous Coward
User ID: 457129 (OP)
8/5/2008 10:26 PM

Re: US RUNS TRILLION DOLLAR DEFICIT$ WHILE IRAQ BANK$ BILLION$ IN OIL MONEY	Quote
US infrastructure crumbles while US taxpayers bankroll the war and reconstruction????? Give me a break!!!

Canadian Cold Front
User ID: 348319
8/5/2008 10:57 PM

Re: US RUNS TRILLION DOLLAR DEFICIT$ WHILE IRAQ BANK$ BILLION$ IN OIL MONEY	Quote
It was a USA decision to invade Iraq. No? It is their oil. As for reconstruction costs, likely the Iraqis are waiting for the US de-constructionists to leave before funding major reconstruction. If you can't take the heat, get out of the kitchen.

Anonymous Coward
User ID: 457129 (OP)
8/5/2008 11:15 PM

Re: US RUNS TRILLION DOLLAR DEFICIT$ WHILE IRAQ BANK$ BILLION$ IN OIL MONEY	Quote
It was a USA decision to invade Iraq. No? It is their oil. As for reconstruction costs, likely the Iraqis are waiting for the US de-constructionists to leave before funding major reconstruction. If you can't take the heat, get out of the kitchen. Quoting: Canadian Cold Front 348319 That is exactly my point! WE shouldn't have been in that kitchen!!!

Those Bastards!
User ID: 429261
8/6/2008 7:38 AM

Re: US RUNS TRILLION DOLLAR DEFICIT$ WHILE IRAQ BANK$ BILLION$ IN OIL MONEY	Quote
Sounds like Iraq has the USA over a barrel so to speak. The US doesn't want Iraq to descend into chaos because it would look bad so we are helping out and Iraq knows this so they won't spend their own money on infrastructure. So I say we get out and then Iraq can either spend their money wisely or descend into utter chaos.

Anonymous Coward
User ID: 303149
8/6/2008 10:21 AM

Re: US RUNS TRILLION DOLLAR DEFICIT$ WHILE IRAQ BANK$ BILLION$ IN OIL MONEY

Quote

"The Iraqi government now has tens of billions of dollars at its disposal to fund large-scale reconstruction projects," Sen. Carl Levin, D-Mich., said in a statement.

"It is inexcusable for U.S. taxpayers to continue to foot the bill for projects the Iraqis are fully capable of funding themselves," Levin said.

But U.S. officials who work with the Iraqis on reconstruction said the Baghdad government has been increasing its capital spending by 30 to 35 percent each year since 2006 — although they added that both governments want to see the pace increased.

SO WE DON'T EVEN KNOW HOW TO PILLAGE.

Anonymous Coward
User ID: 479826
8/6/2008 10:24 AM

Re: US RUNS TRILLION DOLLAR DEFICIT$ WHILE IRAQ BANK$ BILLION$ IN OIL MONEY	Quote
Re: US RUNS TRILLION DOLLAR DEFICIT$ WHILE IRAQ BANK$ BILLION$ IN OIL MONEY Wuz wrong wiz it?

Anonymous Coward
User ID: 203049
8/6/2008 10:35 AM

Re: US RUNS TRILLION DOLLAR DEFICIT$ WHILE IRAQ BANK$ BILLION$ IN OIL MONEY	Quote
Who destroyed Iraq's infrastructure in the first place? .

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