Iraq May Have $79B Budget Surplus

GAO Finds Oil Prices Bolstering Iraq's Treasury, As Some Ask Why U.S. Taxpayers Keep Supporting Reconstruction

(AP)  The Iraqi government could end the year with as much as a $79 billion budget surplus as ever-increasing oil revenues pile on top of leftover income the Iraqis still haven't spent on their national rebuilding effort, congressional auditors say.

A report by the Government Accountability Office made public Tuesday prompted renewed calls from senators that Baghdad pay more of the bill 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 because of rising world oil prices, increasing Iraqi oil production, the government's inability to execute budgets for spending its money and persistent violence in the country, the GAO said.

The report was requested by Democratic Sen. Carl Levin and Republican Sen. John Warner, the chairman and ranking member, respectively, of the Senate Armed Services Committee.

"The Iraqi government now has tens of billions of dollars at its disposal to fund large-scale reconstruction projects," Levin said in a statement. "It is inexcusable for U.S. taxpayers to continue to foot the bill for projects the Iraqis are fully capable of funding themselves."

"It is time for the sovereign government of Iraq, using its revenues, expenditures and surpluses, to fully assume the responsibility to provide essential services and improve the quality of life for the Iraqi people," Warner said.

The GAO said Iraq had an estimated cumulative budget surplus of about $29 billion from 2005 to 2007 and could have another surplus of up to $50 billion this year.

The expected surplus could be lower if Iraq passes stalled legislation for a $22 billion supplemental budget for 2008 - and if the government then executes the budget.

But the report noted oft-repeated factors holding the government back on its spending plans.

"First ... (the) relative shortage of trained budgetary, procurement and other staff with the necessary technical skills as a factor limiting the Iraqi government's ability to plan and execute its capital spending," the GAO said, adding that a second problem is the government's weak accounting systems.

"Third ... violence and sectarian strife remain major obstacles to developing Iraqi government capacity," it said.

The report also estimated that this year Iraq could generate $67 billion to $79 billion in oil sales. Other U.S. officials previously had said they expected the oil windfall to be about $70 billion.

"This substantial increase in revenues offers the Iraqi government the potential to better finance its own security and economic needs," the GAO said.

Since 2005, the United States has funded a number of efforts to teach civilian and security ministries how to effectively execute their budgets.

The efforts included programs to advise and help Iraqi government employees develop the skills to plan programs and to effectively deliver government services such as electricity, water and security.

I have about 3 weeks to the day to cough up $1700.00 to the I.R.S. for write offs that have been discontinued for those who are self employed. While my only source of transportation to and from work is in the shop for a broken timing belt. I don''t blame the goverment. But who''s going to bail me out? And I suppose my $1700.00 is needed to help rebuild Iraq and bail out Banks?

Meanwhile, Sears Roebuck, a company that we all grew up with is about to close it''s doors and will probably not get any help from the U.S. or Iraqi Goverment. What the heck is going on here? Either we are a Capitolist country or a Socialist one. Which is it? If were are Capitolist then "NO BAIL OUTS!" Not for me, not for Iraq and not for any foolish investors on Wallstreet. Free markets means free to win or lose. SWIM AT YOUR OWN RISK. That''s the price you pay for a Democrocy. But if we''re going to tax the citizens and force them to pay for other''s mistakes that''s Socialism. Fine. But pay for mine and SEARS pitfalls too. In fact, pay for all of us. Otherwise, who the hell get''s to decide to whom the money goes to? Let me guess. The ones that already have all of the money. Wow. Just makes me warm and fuzzy inside.

[raskal_2]

hey George;
Ahh ***, they know about our retirement fund. Is that idiot reporter married to a spy or anything ?

love
Chaney

[raskal_2]

shhh...anybody else know about this

[vietnam21]

Iraq just about to purcase 30 billions worths of Millitaries equipment.....shhhhhhhh..Thank you Bush...great job eh....

[minnick8-2009]

We the workewrs the fiscally responsible citizens deserve to be treated better.

Posted by ddaryl1

Yes, we do and socialism isn''t the answer.

[guadalcanal3]

Great! Iraq is making $$$ now!...TIME TO START RE-PAYING OUR MILITARY!

[ddaryl1]

Posted by ddaryl1 at 11:06 AM : Aug 06, 2008

and yet the majority of americans make it


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Posted by jamesm12341 at 11:16 AM : Aug 06, 2008


But a very significant amout do not, and many of them are very innocent victims. yes I agree we have low lifes out there that don''t pull thier weight, but what about the many that try and try and get beat down by jobs that disspapear, beenfits that dissappear etc...

What I dislike is the way many hardcore republicans just lump anyone who has been beat down as lazy good for nothing pieces of poop, and that is far from the truth.

Survivng is not the American dream. Working 40 years and then being able to depend on a pension a 401K and social security and haivng helath care n the golden years as a reward for working 40 + years and making the welathy in this ocuntry wealty andproviding a backbone for the USA to work with is the American dream.

What we have today IS NOT the American dream... it becoming a oppresive capitalism... We the workewrs the fiscally responsible citizens deserve to be treated better.

[imprisonkarl]

terrorislamv --

Harry Truman desegregates Armed Forces July 1948.

JFK orders federal troops to enforce desegregation of U of Ala. Aug. 1963.

Your point being . . . ?

[ddaryl1]

check out this great Toles political cartoon... pretty much sums it up the present energy crisis suggestions from both sides.

http://d.yimg.com/us.yimg.com/
p/uc/20080806/stt080806.gif

[imprisonkarl]

terrorislamv --

You must be one of the Cheney/Bush Neocon Cherry-Pickers, who delight in espousing revisionist history.

You completely ignore the Bush family''s long and close ties with the Saudi royal family that dates from the 1920s, when the oil fields were first discovered in the ME.

And, Prescott Bush''s financial aid to Adolf Hitler and the Nazis in the 1930s.

And the CIA-engineered 1953 coup in Iran, which overthrew the democratically elected president and installed the hated Shah.

And the CIA-engineered 1954 coup in Iraq, which overthrew their democratically elected leader, who was repalced by a dictator, friendly to the West.

Which, oh btw, happened during the Eisenhower administration and Ike was a Republican, dummy.

[ddaryl1]

I think they would owe the us military a few billion at this point.


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Posted by JERIMIE3 at 10:56 AM : Aug 06, 2008


NOPE in regards to Iraqs surplus.. they owe all of us responsible Adults... the ones who have maintained our credit scores, paid our taxes, paid our bills and not over extended ourselves and live fiscally within our means.

We''ve seen billion $$$ bailouts for wallstreet, major tax breaks for the wealthy and oil companies, and even bailouts for many people who got caught trying to keep up with the jonses, because they simply had ot have a 300 sq ft house and a RV and boat and a 62" HDTV etc... but maxed their credit out to achieve that because they felt entitiled (and not all people recieving some help fall into this category but many do)

Nope lets ask Iraq to reward the responsible middle class and lower class citizens because we know our own government would rather just poop on us

[emelder]

Posted by ddaryl1 at 11:06 AM

Good cartoon. Thanks.

[ddaryl1]

Posted by emelder at 10:52 AM : Aug 06, 2008

try it sometime. you libs made poor choices in life and can barely scrape by. you make yourselves feel better temporarily by coming on here and blaming Bush for your troubles. pathetic.

___________
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___________

Dude you have no clue what has happened. Bad decisions ???? Shouldn''t you be saying that about Greddie Mac, and Fannie Mae.. shouldn''t they be held accountable for their bad decisions. What about the rest of the bad decisions Wallstreet made but recieved billions in bailouts. Do you believe its a bad decision when a company lays you off, or when that compnay decides they no longer will provide health insurace. Is it a bad decision when gas prices go up astronomically and yet the best answer on the table is drill more and in 10 years we''ll see relief...

if you really believe what you post then it very much people like yourself that have caused this mess, but you won''t ewver take any part of the blame because it easier to just deny everything and go thru life with blinders on and ignore the obviousness of the situation... I''ve only touched on a very few of the situations youy ignore



chekc out this great Toles political cartoon... pretty much sums it up the present energy crisis suggestions from both sides.

http://d.yimg.com/us.yimg.com/p/uc/20080806/stt080806.gif

[hotpaulie]

jamesm12341 - You represent the republicans well. I''m sure they are proud to have you.

[emelder]

what makes you a "lib" is that you will still be a loser no matter who the president is...your life will not change one bit if Obama is President. It might even be worse because you will be conflicted on who to blame for you being a loser. Posted by jamesm12341 at 11:00 AM

You''re nuts. I love my life, I love my wife, my sons and my seven grandchildren. I love God. And I love my country. I''m a happy, blessed guy. And I''m ready to see Barack Obama give it a try. I don''t just say God Bless America (though I pray He will) ... I say God Bless Everyone -- No Exceptions. So, friend, I don''t know where you''re coming from. Peace and blessings to all in here ... I gotta go, got the grand kids today!!!

[hotpaulie]

terrorislamv - Alot has happened since 1943. Good information though.

[emelder]

Just what is it that makes me a dreaded "lib". Is it that I am upset our President could overspend the budget like he has? Or that I would like to see Iraq use some of their oil revenues to pay for their re-building? Or that I would like to see strong, purposeful leadership the the Executive Branch? Ronald Regan, an outstanding "conservative" would be just as concerned as me. Naw ... I''m just an American, who''s tired of the mess created by Bush, Cheney, Rumsfield, and Wolfawitz. Out with them all. Go Obama!

[jerimie3]

I think they would owe the us military a few billion at this point.

[tksk53]

Just think about this
Their budget is in the black
And ours just keeps getting more in the red
???????????????????????????????????????????

[emelder]

fedupwithit1 at 10:51 AM

Good post. Bush''s money pit!