US Deficit Is Iraq's Surplus
By Matt on Aug 8, 2008 | In Welcome, News, Background | Send feedback »
The Iraqi government could end this year with as much as a $79 billion cumulative budget surplus, based largely on ever-increasing oil revenues, congressional auditors say. A report by the Government Accountability Office made public yesterday prompted renewed calls from senators that Baghdad pay more for its own reconstruction, which has been heavily supported with U.S. funds. The projected Iraq surplus, including unspent money from 2005 through 2008, has been building due to rising oil prices, increasing Iraqi oil production, Iraq's inability to execute budgets to spend its money and persistent violence, the GAO said.
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