U.S. Spent More Iraqi Money than Its Own, Report Says

By Shannon Augustus | July 7, 2008 | 8:21 PM EDT

(CNSNews.com) - During the first year of Iraqi reconstruction, the United States spent far more of Iraq's money than its own, according to a new congressional report.

The General Accounting Office said in a report Tuesday that as of April, about $58 billion in grants, loans, Iraqi assets and revenues has been made available for the reconstruction of Iraq.

The breakdown of those funds include $24 billion in U.S. funds, $13.6 billion in international pledges and $21 billion from Iraq oil sales and assets of the former Iraqi government that had been frozen or seized by various nations.

According to the GAO, out of the $24 billion in American funds, the occupation authority signed contracts and obligated $8.2 billion and actually gave out $3 billion. And out of the $21 billion of Iraqi money, authorities made commitments for $13 billion and actually spent $8.3 billion.

The GAO also reported that complete information regarding disbursements of funds from the international pledges was not available when it compiled the report this spring.

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