Irak

[Schneemann]

Iraq's oil-fueled surplus could hit $80 billion, report says

WASHINGTON (CNN) -- Iraq is raking in more money from oil exports than it is spending, amassing a projected four-year budget surplus of up to $80 billion, U.S. auditors reported Tuesday.

Leading members of Congress, noting that Washington is paying for reconstruction in Iraq, expressed outrage at the assessment. One called the findings "inexcusable."

"We should not be paying for Iraqi projects while Iraqi oil revenues continue to pile up in the bank, including outrageous profits from $4-a-gallon gas prices in the U.S.," said Sen. Carl Levin, the chairman of the Senate Armed Services Committee. "We should require that U.S. taxpayers be reimbursed for the cost of large projects."

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Schneemann.