August 5, 2008 6:41 PM

GAO: Iraq's oil profits huge as U.S. bears reconstruction load

Iraq has benefited handsomely from this year's surge in oil prices and is well-positioned financially to shoulder a greater share of its own economic and security needs, the GAO reported Tuesday. Yet Iraqi government expenditures have declined since 2005, even as the U.S. Congress has appropriated roughly $48 billion since 2003 for efforts to stabilize and reconstruct the invaded nation.

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