Feder Statement on $79 Billion Iraq Surplus

From the Feder campaign:

Statement from Judy Feder on $79 Billion Iraq Surplus

McLean, VA — According to a report released last week by the Government Accountability Office, the Iraqi government will have a budget surplus of approximately $79 billion by year's end. The following is a statement from Judy Feder in response to the report:

"Five years ago the American people were told that Iraqi oil revenue would pay for reconstruction costs in Iraq. Five years later the American tax payer is still paying the bill. That is unacceptable given the financial burdens we're facing today.

"Congress needs to be held accountable for the burden they have placed on the American taxpayer – a burden that should now be shouldered by the Iraqi Government. We need to hold our representatives in Washington accountable for managing our resources effectively.

"The American taxpayers spend $10 billion a month to defend Iraq and rebuild the country. This administration and the Republican Party have embraced the war in Iraq, and have continued to advocate for an open-ended commitment rather than enact a timeline for withdrawal. Now we find out that the Iraqi government has windfall oil profits that amount to a $79 billion budget surplus sitting in the Federal Reserve Bank collecting $435.6 million in interest payments from the U.S. Government.

"And still we hear no response from my opponent on this issue. Many of these problems could have been avoided if our elected officials had demanded real oversight. But the Bush administration and the Republican Party have consistently opposed efforts to provide responsible oversight.

"Instead of staging gimmicky protests on the House floor and making false claims about Cuba leasing oil rights to China – a falsehood that was started by Vice President Cheney and later shown to be untrue – Congressman Wolf and the Republican Party should focus on real solutions.

"We need to get America back on track, and the way to do that is to make the economy work for the middle class again. We can't keep spending $10 billion a month in Iraq while we pay $113 per barrel. It is time for the Iraqi government to spend their own resources to rebuild Iraq and not depend on the American taxpayer any longer."