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Ntfs_encryption
"Cyniquian" Level Poster
Username: Ntfs_encryption
Post Number: 2811
Registered: 10-2005
Rating: N/A
Votes: 0 (Vote!) | | Posted on Wednesday, October 24, 2007 - 06:04 pm: | 
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U.S. CBO estimates $2.4 trillion long-term war costs
Wed Oct 24, 1:17 PM ET
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.
Currently, there are about 170,000 U.S. troops in Iraq and another 26,000 in Afghanistan.
Finance charges for the money already spent on the war will total $415 billion from 2001 to 2017, according to CBO. For the next decade, "interest outlays would increase by a total of $290 billion over that 10-year period," CBO told the House Budget Committee, which is reviewing long-term war costs.
"To put it all on our credit cards with no accountability, with no plan to pay for it, I think is the height of irresponsibility," said Rep. James McGovern, a Massachusetts Democrat who serves on the budget panel and is an outspoken war critic. "It will be just one more toxic legacy of this disastrous war we will have to leave our kids to clean up."
With national elections about a year away and public discontent with the Iraq war running deep, Democrats are highlighting the huge costs of the Iraq war as they seek $22 billion more than Bush wants for domestic social programs such as health care and education.
Bush has vowed to veto the added funding.
CBO estimated that of the $2.4 trillion long-term price tag for the war, about $1.9 trillion of that would be spent on Iraq.
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Mony
Regular Poster
Username: Mony
Post Number: 92
Registered: 02-2006
Rating: N/A
Votes: 0 (Vote!) | | Posted on Wednesday, October 24, 2007 - 06:23 pm: |
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No wonder the US economy is in trouble. |
Cynique
"Cyniquian" Level Poster
Username: Cynique
Post Number: 10448
Registered: 01-2004
Rating: N/A
Votes: 0 (Vote!) | | Posted on Wednesday, October 24, 2007 - 06:35 pm: |
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Spending that amount of money to destroy a country and kill innocent civilians and sacrifice the lives of young Americans is sheer madness;folly that boggles the mind. |
Crystal
Veteran Poster
Username: Crystal
Post Number: 350
Registered: 01-2004
Rating: N/A
Votes: 0 (Vote!) | | Posted on Wednesday, October 24, 2007 - 07:21 pm: |
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Who's the nigga now? |
Chrishayden
"Cyniquian" Level Poster
Username: Chrishayden
Post Number: 5586
Registered: 03-2004
Rating: N/A
Votes: 0 (Vote!) | | Posted on Thursday, October 25, 2007 - 01:16 pm: |
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Of course it is not...to the U.S. taxpayer or to the poor families of the wounded and killed. But all the defense corporations and the Haliburtons cleaned up. The oil companies stand to clean up if they can force the Iraqi parliament to ok that oil deal. Bush and Cheney and everybody in the administration will clean up. The congressmen will clean up. It was a business thang.
Time will tell whether this, like some other ill fated conquests of history, proved our undoing--our undiong because we are along for the ride.
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Ntfs_encryption
"Cyniquian" Level Poster
Username: Ntfs_encryption
Post Number: 2817
Registered: 10-2005
Rating: N/A
Votes: 0 (Vote!) | | Posted on Friday, October 26, 2007 - 06:58 am: |
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"Time will tell whether this, like some other ill fated conquests of history, proved our undoing--our undiong because we are along for the ride."
Chris, as much as I hate to admit this, I think your comment bears much truth.
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