Post by jeffolie on Oct 25, 2007 12:50:43 GMT -6
U.S. CBO estimates $2.4 trillion long-term war costs
Wed Oct 24, 1:17 PM ET
WASHINGTON (Reuters) - The U.S. wars in Iraq and Afghanistan could cost taxpayers a total of $2.4 trillion by 2017 when counting the huge interest costs because combat is being financed with borrowed money, according to a study released on Wednesday.
With President George W. Bush indicating a large contingent of U.S. troops likely will be engaged in Iraq and Afghanistan for many years to come, the nonpartisan Congressional Budget Office estimated the total tab for the wars from 2001 through 2017.
CBO estimated that interest costs alone from 2001-2017 could total more than $700 billion.
So far, Congress has given Bush $604 billion for the two wars, with about $412 billion spent in Iraq, according to CBO, which is Congress' in-house budget analyst. In Iraq alone, the United States is spending about $11 billion a month, with costs escalating.
Bush is seeking another $196 billion for combat in Iraq and Afghanistan through September 30 and Congress is expected to debate that request over the next few months.
CBO estimated that between 2008 and 2017, the wars could cost slightly more than $1 trillion, assuming overall troop strength is cut to 75,000 by 2013.
news.yahoo.com/s/nm/20071024/pl_nm/iraq_usa_funding_dc
Congress (and 51% of voters) went along for the ride. I thought oil revenues would pay for the war?
And the fact that we financed these wars by borrowing from China and foreigners versus asking for any sort of sacrifice on the home front will make matters down the road that much worse.
Wed Oct 24, 1:17 PM ET
WASHINGTON (Reuters) - The U.S. wars in Iraq and Afghanistan could cost taxpayers a total of $2.4 trillion by 2017 when counting the huge interest costs because combat is being financed with borrowed money, according to a study released on Wednesday.
With President George W. Bush indicating a large contingent of U.S. troops likely will be engaged in Iraq and Afghanistan for many years to come, the nonpartisan Congressional Budget Office estimated the total tab for the wars from 2001 through 2017.
CBO estimated that interest costs alone from 2001-2017 could total more than $700 billion.
So far, Congress has given Bush $604 billion for the two wars, with about $412 billion spent in Iraq, according to CBO, which is Congress' in-house budget analyst. In Iraq alone, the United States is spending about $11 billion a month, with costs escalating.
Bush is seeking another $196 billion for combat in Iraq and Afghanistan through September 30 and Congress is expected to debate that request over the next few months.
CBO estimated that between 2008 and 2017, the wars could cost slightly more than $1 trillion, assuming overall troop strength is cut to 75,000 by 2013.
news.yahoo.com/s/nm/20071024/pl_nm/iraq_usa_funding_dc
Congress (and 51% of voters) went along for the ride. I thought oil revenues would pay for the war?
And the fact that we financed these wars by borrowing from China and foreigners versus asking for any sort of sacrifice on the home front will make matters down the road that much worse.