S. 3455 – Reading Mode

110th CONGRESS

2d Session

S. 3455

IN THE SENATE OF THE UNITED STATES

September 9, 2008

Mr. Dorgan introduced the following bill; which was read twice and referred to the Committee on Appropriations

A BILL

To rescind unexpended Iraq reconstruction funds.

Short title

This Act may be cited as the Rescission of Unneeded Iraq Reconstruction Funds Act of 2008.

Findings

Congress finds that—

(1)

Iraq has abundant financial resources to fund relief and reconstruction projects;

(2)

(A)

in November 2007, the Government of Iraq estimated that oil income in 2008 would amount to $35,000,000,000; but

(B)

with high crude oil prices and Iraq oil production at record levels, the Special Inspector General for Iraq estimates that oil revenues could exceed $70,000,000,000;

(3)

Iraqi Deputy Prime Minister Barham Salih stated recently that Iraq does not need financial assistance.;

(4)

the Government Accountability Office estimates that the Government of Iraq—

(A)

has accumulated a budget surplus of approximately $29,000,000,000 from fiscal year 2005 through 2007; and

(B)

will accumulate a budget surplus of between $38,200,000,000 and $50,300,000,000 for fiscal year 2008; and

(5)

according to the July 2008 quarterly report of the Special Inspector General for Iraq—

(A)

Congress has appropriated $43,560,000,000 for the major United States reconstruction accounts in Iraq; but

(B)

over 1/4 of those funds, or $12,570,000,000, have not yet been expended, including unobligated funds from appropriations for prior fiscal years.

Rescission of unexpended Iraq reconstruction funds

There are rescinded any amounts that remain unexpended as of the date of enactment of this Act in—

(1)

the Iraq Relief and Reconstruction Fund;

(2)

the Iraq Security Forces Fund; and

(3)

the Economic Support Fund authorized under chapter 4 of part II of the Foreign Assistance Act of 1961 (22 U.S.C. 2346 et seq.) that are available for Iraq.