Boyd Introduces Bill to Require Iraq to Pay Greater Share of War Costs

Congressman Allen Boyd (D-North Florida), a member of the Defense Subcommittee of the House Appropriations Committee, introduced the Iraq Shared Investment Act, legislation to require the Iraqi government to utilize its budget surplus and oil revenue stream to help pay its security and reconstruction costs. Under the Iraq Shared Investment Act, funding provided by the U.S. to Iraq for training and equipping of Iraq Security Forces would be treated as a loan, rather than a grant, to be repaid to the American taxpayers.

The Iraq Shared Investment Act also creates a shared pot of money for the Iraqi and U.S. governments to contribute funding for mutually agreed upon reconstruction projects. If the Iraqi government does not contribute funding to the trust fund, then the money provided by the U.S. government for Iraq reconstruction costs would be used to pay down the U.S. national debt.

"This legislation is not about punishment; it's about responsibility. It is time for the Iraqi government to invest in its own future and have a greater financial role in their country's security and reconstruction efforts," said Congressman Boyd. "With an expected budget surplus this year of $12 billion and an estimated $56 billion from oil revenues alone, the Iraqi government has the means to step up and pay for some of its security and reconstruction costs, and now, Iraq must show that it also has the will to take control of its own country by shouldering more of these costs."

To date, the U.S. has spent a total of $526 billion for the war in Iraq. In the coming weeks, Congress will consider an emergency supplemental bill that is expected to provide an additional $102 billion in Fiscal Year 2008 and possibly $70 billion in Fiscal Year 2009 for the wars in Iraq and Afghanistan.

As Congress drafts the emergency supplemental bill, Congressman Boyd is using his position on the Defense Subcommittee to push for the inclusion of his legislation-the Iraq Shared Investment Act-in the emergency supplemental bill, which would require that a portion of the funds for Iraq be provided in the form of a loan and would create a trust fund using Iraqi and U.S. funding for mutually agreed upon reconstruction projects.

"Our country is making a major investment in Iraq, not only in U.S. casualties and injuries, but also in taxpayer dollars," Boyd stated. "While we may not be able to change our policy in Iraq under the current Administration, I see no reason why our government cannot expect the Iraqis to foot more of the bill for the training of their troops and for reconstruction and security costs. Both the Iraqis and the American people benefit from increased involvement of the Iraqi government."

Boyd continued, "As a veteran of Vietnam, I believe that we must provide our troops on the front lines with the resources and funding they need to carry out their mission. However, with a near $10 trillion national debt and a lagging economy, we must recognize that the war in Iraq is being funded at the expense of our domestic priorities and has worsened the fiscal health of our country. The Iraq Shared Investment Act is legislation that will help make the Iraqi government less financially dependent on us and allow the Iraqis to demonstrate a commitment to the future of their own country."