Dinar Reporter (IQDUSD)

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Auditors say Iraq not spending its oil money, massive budget surplus likely




Associated Press - March 11, 2008 3:43 PM ET

CAPITOL HILL (AP) - Iraq isn't spending much of its own money, even though its soaring oil revenues are pushing the country toward a massive budget surplus.

That's what federal auditors have told Congress as the U.S. continues to invest billions of dollars in rebuilding Iraq.

U.S. Comptroller General David Walker says the Iraqis have a budget surplus, while the U.S. has a budget deficit. He says 1 of the questions is, who should be paying.

Senator Patrick Leahy (LAY'-hee) says the Iraqis should use some of their oil money to pay their own expenses, instead of sending the bill to the U.S.

U.S. officials contend that Iraq's lack of spending is primarily due to Baghdad's inability to determine where its money is needed most and how to allocate it efficiently.