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Iraq Has $79B Budget Surplus

GAO says Bagdad sitting on a lot of money, raising complaints from US senators

By the Associated Press

Posted Aug 5, 2008 7:45 PM CDT

(AP) – The Iraqi government could end this year with as much as a $79 billion cumulative budget surplus, based largely on ever-increasing oil revenues, US congressional auditors say. A report by the Government Accountability Office made public today prompted renewed calls from senators that Baghdad pay more of the bill for its own reconstruction, which has been heavily supported with US funds.

"It is inexcusable for US taxpayers to continue to foot the bill for projects the Iraqis are fully capable of funding themselves," said Sen. Carl Levin, a Democrat. The projected Iraq surplus has been building because of rising world oil prices, increasing Iraqi oil production, and the government's inability to execute budgets for spending its money, the GAO said.

Employees work at an installation at the Zubair Moshrif oil field, southeast of Baghdad in July. (AP Photo)

People work at an installation at the Zubair Moshrif oil field, southeast of Baghdad. (AP Photo)

A worker stands atop a pipeline at the Zubair Moshrif oil field, southeast of Baghdad, in July. (AP Photo)

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Iraq Has $79B Budget Surplus

GAO says Bagdad sitting on a lot of money, raising complaints from US senators

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Derelict Iraqi Water Park a Symbol of US Fund Abuses

Program gave US officers great flexibility, but also led to waste

Billions Wasted on Abandoned Iraq Projects

Watchdog agency says $5B estimate may be understatement

Pentagon Lost Track of $8.7B in Iraqi Oil Money

It didn't wind up in specially designated accounts

US Fears $53B in Iraq Reconstruction Will Go to Ruin

Projects from power plants to hospitals are at risk of sitting idle

Economic Woes Threaten Iraq's Stability

Declining oil prices and aid cancel urgently needed rebuilding

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Iraq Has $79B Budget Surplus

GAO says Bagdad sitting on a lot of money, raising complaints from US senators

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OTHER STORIES ON OUR RADAR

Iraq • John Warner • GAO • Carl Levin • Iraq reconstruction • Iraq war spending

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Derelict Iraqi Water Park a Symbol of US Fund Abuses

Program gave US officers great flexibility, but also led to waste

Billions Wasted on Abandoned Iraq Projects

Watchdog agency says $5B estimate may be understatement

Pentagon Lost Track of $8.7B in Iraqi Oil Money

It didn't wind up in specially designated accounts

US Fears $53B in Iraq Reconstruction Will Go to Ruin

Projects from power plants to hospitals are at risk of sitting idle

Economic Woes Threaten Iraq's Stability

Declining oil prices and aid cancel urgently needed rebuilding

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?