Iraq Sitting on $79 Billion

iht.com — Soaring oil prices will leave the Iraqi government with a cumulative budget surplus of as much as $79 billion by year's end, according to a report by the Government Accountability Office. The unspent windfall, which covers surpluses from oil sales since 2005, appears likely to reinforce growing debate about the approximately $48 billion in American taxpayer money devoted to rebuilding Iraq since the American-led invasion. In one comparison, the United States has spent $23.2 billion in the critical areas of security, oil, electricity and water since the 2003 invasion, the report said. But from 2005 through April 2008, Iraq has spent just $3.9 billion on similar services.

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