Iraq Government has $79 Billion in Unspent Cash

[Hoooweee]

Source: New York Times

The soaring price of oil will leave the Iraqi government with a cumulative budget surplus of as much as $79 billion by year’s end an American federal oversight agency has concluded in an analysis released on Tuesday.

The unspent windfall, which covers surpluses from oil sales from 2005 through 2008, appears likely to put an uncomfortable new focus on the approximately $48 billion in American taxpayer money devoted to rebuilding Iraq since the American-led invasion.

Over all, the report from the Government Accountability Office estimates, Iraqi oil revenue from 2005 through the end of this year will amount to at least $156 billion. And in an odd financial twist, large amounts of the surplus money is sitting in an American bank in New York — nearly $10 billion at the end of 2007, with more expected this year, when the accountability office estimates a skyrocketing surplus.

The report was requested by two senior senators, Carl Levin, Democrat of Michigan, and John W. Warner, Republican of Virginia, and on Tuesday they were quick to express strong dissatisfaction over the contrast between American spending on reconstruction and the weak record of spending by Iraq itself, in spite of the colossal surpluses.

Snip.

Read more: http://www.nytimes.com/2008/08/06/world/middleeast/06surplus.html?hp

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Can we get any of this back??

[niyad]

1. the iraqis didn't ask us to invade and blow up their country, so why should we demand that THEY

rebuild what WE destroyed? and it is, after all, THEIR oil.

I want bushco --georgie, and his whole miserable, murderous set of henchman, to pay us back--halliburton, etc.

[frog92969]

4. I'm sure they'd be glad to rebuild

their own country if it meant that we just left them alone.

Nobody deserves our kind of "help".

[cstanleytech]

2. Congratulations Mr. President, Mission Accomplished.

I mean of course the mission to bankrupt our nation while enriching another one of course.

[DFW]

3. Since most of that money came from us....

Maybe they can make a charitable contribution to reduce our budget deficit?

Just to show some appreciation for their "liberation." Just think of all the
money they saved on florists' bills when they forgot to greet us with flowers.

[happygoluckytoyou]

5. dont worry.... GAS BREAK THROUGH ELECTIONS.....wonder why???

[Earth_First]

6. re: Can we get any of this back?

I don't understand why we are owed a dime of this money. It's a resource that belongs to the country of Iraq, not the occupiers whose bottom line to invade and occpy was to control this resource.

This money belongs to the Iraqi people. May it be spent in a civil manner in a way that benefits as many innocent civilians ravaged by our occupation.

TO THE GOVERNMENT OCCUPYING THIS COUNTRY: HANDS OFF THIS MONEY!

re: The unspent windfall, which covers surpluses from oil sales from 2005 through 2008, appears likely to put an uncomfortable new focus on the approximately $48 billion in American taxpayer money devoted to rebuilding Iraq since the American-led invasion.

Uncomfortable with the amount of money we spent rebuilding this country, not domestically at home?

Perhaps you shouldn't have supported the invasion from day one.

We owe every penny of that $48 billion to the citizens of Iraq. Sure it hurts, especially to those of us who opposed the invasion to begin with, however, what's done is done. It's time to repair the damage we've done physically and diplomatically.

Enough said.

[KoKo]

7. GIVE IT BACK TO US! n/t

[humbled_opinion]

8. Why drill here....

When we can drill there.... I think the Iraqi's owe us some repayment for their liberation. IOW the Iraqis were never sharing revenue when Saddam controlled the oil fields but now the government can create resources to help the people and at the same time we can get reduced cost of oil to lower the price at the pump here as we move forward toward some type of energy independence in this country...

I call that the common sense approach...

[WhiteTara]

9. Iraq Banks Billions in Surpluses, GAO Says

Source: WAshington Post

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.

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.

more

Read more: http://www.washingtonpost.com/wp-dyn/content/article/2008/08/05/AR2008080502493.html?hpid=topnews

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Paul Bremer left and now they have money...maybe we could get rid of Paul Bremmer

[FreakinDJ]

10. Pull out Now - what a bad joke

100% out of that rat hole

[KoKo]

11. "...likely to fuel further Congressional dissent." I thought Congress just gave billions more to

fund this war and reconstruction? :shrug: I sure have been waiting for some "discontent" to get translated into action. :eyes:

[AlphaCentauri]

13. same here

[Doctor_J]

12. Hey! That's our money!

How did it get into their banks?

:sarcasm: