Report: U.S. wars' cost at $1.6 trillion

WASHINGTON, Nov. 14 (UPI) -- The aggregate costs of the U.S. wars in Afghanistan and Iraq will reach $1.6 trillion in the next 13 months, a U.S. congressional committee reported.

The Democratic-led Joint Economic Committee made the estimate Tuesday, which said that figure would likely double by 2017, CNN reported.

For a family of four, the committee estimated the cost would be nearly $21,000 through 2008, which Sen. Charles Schumer, D-N.Y., criticized to reporters.

"We of the baby boom generation and our children and grandchildren will be paying for this war for a very long time to come," he said.

The White House Office of Budget and Management dismissed the report as partisan, with Director Jim Nussle saying "the Congressional leadership is attempting to manipulate economic data for public relations purposes.

"There are several ... distortions within the report, such as attempting to tie war costs to overall business investment and the price of oil,"Nussle said.