IRAQ MUST INVEST IN ITS OWN FUTURE AND GIVE AMERICAN TAXPAYERS A BREAK

What's wrong with this picture? While Americans are paying record high prices for gasoline and running up the national debt defending Iraq, the country of Iraq has a budget surplus created in part from the sale of oil to the United States.

The time is right for Iraq to invest in its own future and remove some of the burden from American taxpayers by paying for their own reconstruction costs. My thought is that in the future, money the U.S. sends to Iraq for reconstruction should come in the form of a loan that needs to be paid back rather than a debt-increasing gift. I'm preparing an amendment to that effect for the next supplemental war funding bill to be considered this spring.

Iraq Expecting Record Government Surplus
While the U.S. has record deficits, there are estimates the Iraqis will have a surplus of about $60 billion because of increased oil production and skyrocketing prices for gasoline being paid by Americans. Reports indicate U.S. banks are holding an additional $25 billion in Iraq assets. It is clear the Iraqis have the resources to cover their reconstruction costs.

In the last five years, American taxpayers have provided more than $500 billion dollars for security and reconstruction in Iraq – of that $45 billion has been dedicated for reconstruction. Last year the Administration sought an additional $2.9 billion for Iraq reconstruction, which was not acted on by Congress.

Borrowing From Future Generations
Americans should not have to continue running up the national debt by borrowing money from our children, our grand children or from China to pay for reconstruction of a country that has a budget surplus. American motorists are paying more than $3 a gallon for gasoline, food costs are skyrocketing and our own roads and bridges are crumbling.

Not only does Iraq need to begin investing in its own future, it needs to step up efforts to provide for its own defense militarily. We should get a clear picture of the Iraqis progress, or lack thereof, when General David Petraeus and Ambassador Ryan Crocker testify before the Senate Armed Services Committee in April.

Situation On The Ground
U.S. troops performed brilliantly in Iraq in providing time for the Iraqi government to make progress toward achieving national reconciliation which it has apparently failed to do. General Petraeus made similar assessments in recent news interviews. But despite the brave and honorable efforts of our troops, Iraq is not measurably closer to political reconciliation or military independence than it was before the surge. I'm looking forward to hearing from General Petraeus in more detail, but there can be little doubt that the Iraqi leaders have yet to meet benchmarks and show progress toward reconstruction, political reconciliation and taking over its own security.

It is time to end the cycle of dependency and the era of blank checks from the United States. If Iraq begins to invest – really invest – in its own future that may initiate progress on the political, security and economic fronts in Iraq.

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	Column	April 8, 2008
IRAQ MUST INVEST IN ITS OWN FUTURE AND GIVE AMERICAN TAXPAYERS A BREAK What's wrong with this picture? While Americans are paying record high prices for gasoline and running up the national debt defending Iraq, the country of Iraq has a budget surplus created in part from the sale of oil to the United States. The time is right for Iraq to invest in its own future and remove some of the burden from American taxpayers by paying for their own reconstruction costs. My thought is that in the future, money the U.S. sends to Iraq for reconstruction should come in the form of a loan that needs to be paid back rather than a debt-increasing gift. I'm preparing an amendment to that effect for the next supplemental war funding bill to be considered this spring. Iraq Expecting Record Government Surplus While the U.S. has record deficits, there are estimates the Iraqis will have a surplus of about $60 billion because of increased oil production and skyrocketing prices for gasoline being paid by Americans. Reports indicate U.S. banks are holding an additional $25 billion in Iraq assets. It is clear the Iraqis have the resources to cover their reconstruction costs. In the last five years, American taxpayers have provided more than $500 billion dollars for security and reconstruction in Iraq – of that $45 billion has been dedicated for reconstruction. Last year the Administration sought an additional $2.9 billion for Iraq reconstruction, which was not acted on by Congress. Borrowing From Future Generations Americans should not have to continue running up the national debt by borrowing money from our children, our grand children or from China to pay for reconstruction of a country that has a budget surplus. American motorists are paying more than $3 a gallon for gasoline, food costs are skyrocketing and our own roads and bridges are crumbling. Not only does Iraq need to begin investing in its own future, it needs to step up efforts to provide for its own defense militarily. We should get a clear picture of the Iraqis progress, or lack thereof, when General David Petraeus and Ambassador Ryan Crocker testify before the Senate Armed Services Committee in April. Situation On The Ground U.S. troops performed brilliantly in Iraq in providing time for the Iraqi government to make progress toward achieving national reconciliation which it has apparently failed to do. General Petraeus made similar assessments in recent news interviews. But despite the brave and honorable efforts of our troops, Iraq is not measurably closer to political reconciliation or military independence than it was before the surge. I'm looking forward to hearing from General Petraeus in more detail, but there can be little doubt that the Iraqi leaders have yet to meet benchmarks and show progress toward reconstruction, political reconciliation and taking over its own security. It is time to end the cycle of dependency and the era of blank checks from the United States. If Iraq begins to invest – really invest – in its own future that may initiate progress on the political, security and economic fronts in Iraq. ###