For Immediate Release:
October 24, 2007
Stacey Farnen Bernards
(202) 225 - 3130
(202) 225 - 3130
WASHINGTON, DC – House Majority Leader Steny Hoyer (MD) released the following statement today after the Congressional Budget Office (CBO) released a new report on the cost of the war in Iraq:
“Today’s CBO report estimating the Iraq war could cost a total of $1.9 trillion is another dramatic demonstration of this Administration’s gross incompetence in failing to adequately prepare for and prosecute this war. The Administration predicted that this war would cost $50 to $60 billion, and then pushed out top economic advisor Lawrence Lindsey for having the temerity to say the war could cost $200 billion.
“Now President Bush is demanding nearly $200 billion more in pursuit of a war policy that is failing. At the same time, he is trying to slash investments in key national priorities such as health care for children, education, medical research and cops on the beat.
“The Iraq war has been financed entirely with borrowed money, meaning that American taxpayers will pay $564 billion in interest on the war debt. The vast majority of this borrowed money is from foreign investors, which has helped President Bush earn the dubious distinction of borrowing more money from foreign governments than all other Presidents combined. As CBO Director Peter Orszag said in his testimony today, we are on an ‘unsustainable fiscal path,’ and we cannot continue this trend.
“The CBO report shows that it is more important than ever that Congress not give President Bush more blank checks to continue his failed war policy. While we will ensure that our men and women in harm’s way have the resources they need, we cannot continue to sink endless amounts of money into a war that is not making Americans safer or our nation more secure.”