WASHINGTON, Jan. 23 (UPI) -- A Congressional Budget Office report on Iraqi reconstruction released Friday says an additional $55.3 billion may be needed to fund U.S. efforts through 2007.
The report from the financial investigative arm of Congress was requested by Senate Budget Committee Chairman Don Nickles, R-Okla., and House Budget Committee ranking member John Spratt, D-S.C.
The findings are based on World Bank and Coalition Provisional Authority estimates. The CBO estimates that oil revenues could earn between $44 billion and $89 billion over the next four years, but the country's foreign debt and war reparations could run from $40 billion to $120 billion.
The Bush administration is not expected to request any additional funds for Iraq in the 2005 Budget, which is scheduled to be released Feb. 2.
However, House and Senate aides said that there is talk of another supplemental bill for Iraq, but the Bush White House is not expected to make that request until after the November election.
Just how such a request could be paid for remains uncertain given the projected $500 billion federal budget deficit for the year.
