|
WASHINGTON - DEMOCRATIC Party leaders have unveiled a new report which says that 'hidden costs' could catapult the price tag for the Iraq and Afghan conflicts to a staggering US$3.5 trillion (S$5 trillion).
The report, released on Tuesday by Democratic staff on Congress' Joint Economic Committee (JEC), said war costs would hit US$1.6 trillion by the end of next year, nearly double the US$804 billion spent or requested by the administration.
Hidden outlays would also inflate the price to the US$3.5 trillion mark by 2017, they warned, basing the figure on the cost of treating wounded veterans, the impact on oil prices and other economic factors.
Democratic leaders unveiled the report as they planned their latest bid to force President George W. Bush's hand on Iraq, warning he would not get any more money for the war this year - unless he agreed to troop withdrawal timetables.
'The backbreaking costs of this war to American families, the federal budget and the entire economy are beyond measure in many ways,' said Democratic Senator Chuck Schumer.
'What this report makes clear is that the cost to our country in lives lost and dollars spent is unacceptable.'
Senate Democratic Majority leader Harry Reid said: 'We simply cannot buy victory in Iraq.'
The JEC report also took into account interest payments on foreign loans used to finance war spending and factored in higher costs of oil due to a decline in Iraqi production. It also estimated the cost of repair and refitting military equipment and the outlay needed to retain soldiers in the ranks.
The report was rejected by Republican lawmakers and the White House. 'This committee is known for being partisan and political. They did not consult or cooperate with the Republicans on the committee,' said White House press secretary Dana Perino.
'I think it is an attempt to muddy the waters on what has been some positive developments being reported out of Iraq.'
Mr Bush has repeatedly resisted attempts by Democrats to force him to accept troop withdrawal deadlines.
On Tuesday, he vetoed a spending Bill for health and education programmes favoured by the Democrats, while signing a big increase in the Pentagon's non-war budget.
The White House said the US$606 billion Bill was loaded with items Mr Bush wanted stripped out.
'Some of its wasteful projects included a prison museum, a sailing school taught aboard a catamaran and a Portuguese-as-a-second-language programme,' Mr Bush said.
House Speaker Nancy Pelosi said Mr Bush 'again vetoed a bipartisan and fiscally responsible Bill that addresses the priorities of the American people' such as education, energy subsidies, veterans' health care and medical research.
AGENCE FRANCE-PRESSE, ASSOCIATED PRESS
|
