As Iraq Surplus Rises, Little Goes Into Rebuilding

"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, a large amount 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.

“The Iraqi government now has tens of billions of dollars at its disposal to fund large-scale reconstruction projects,” Mr. Levin, who is chairman of the Senate Armed Services Committee, said in a joint statement with Mr. Warner. “It is inexcusable for U.S. taxpayers to continue to foot the bill for projects the Iraqis are fully capable of funding themselves. We should not be paying for Iraqi projects, while Iraqi oil revenues continue to pile up in the bank.”

From the beginning of the conflict, American officials assured taxpayers and the world that Iraq would use oil money to pay for reconstruction. But that has not happened. Several senior Iraqi officials were either traveling on Tuesday or declined to comment, saying they were not familiar with the report.

http://www.nytimes.com/2008/08/06/world/middleeast/06surplus.html?_r=1&b...

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Uh, maybe because the USA has no intention of leaving the Middle East until we control it? (for oil).

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