[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 3455 Introduced in Senate (IS)]







110th CONGRESS
  2d Session
                                S. 3455

            To rescind unexpended Iraq reconstruction funds.


_______________________________________________________________________


                   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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

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

SEC. 2. 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.

SEC. 3. 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.
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