War Cost Estimate Approaching $100 billion -- For Starters...
sfgate.com
<<...Citing uncertainties over the duration of a war and subsequent plans to occupy and rebuild Iraq, the White House won't formally guess at the costs, much of which may have to be borne by American taxpayers.
But administration leaks this week indicated Congress can expect a special spending request of $60 billion to $95 billion to pay for the first six months to a year of war and its aftermath.
Estimates of these costs vary widely. Before he was forced out late last year, Bush's economic adviser Lawrence Lindsey publicly put the cost at $100 billion to $200 billion, a figure initially disputed by other administration officials.
Some estimates outside the administration set the bill even higher. They factor in bringing democracy to Iraq, which would mean a long-term commitment of manpower and tens of billions of dollars a year.
Yale University economist William Nordhaus said the cost of war and rebuilding could range from $100 billion to $600 billion over a decade.
Such estimates have given some Bush loyalists sticker shock, especially because the federal budget deficit is expected to top $300 billion in the current fiscal year. In view of that, some Republican senators have suggested paring the president's plan for a $726 billion tax cut package.
At least two GOP senators, John McCain of Arizona and Lincoln Chafee of Rhode Island, said that because of the looming war, they haven't decided yet to support any tax package.
Others, such as Sen. Chuck Hagel, R-Neb., want answers before moving ahead.
"I think the best that they have come up with is, 'Well, you'll know about it when we bring up the supplemental.' I don't think that's a good way to do this," Hagel said at a Senate Foreign Relations Committee hearing Tuesday...>> |
