[Congressional Record (Bound Edition), Volume 149 (2003), Part 17]
[House]
[Pages 23614-23615]
[From the U.S. Government Publishing Office, www.gpo.gov]




        IRAQI SUPPLEMENTAL SHOULD INCLUDE LOANS, NOT JUST GRANTS

  The SPEAKER pro tempore. Pursuant to the order of the House of 
January 7, 2003, the gentleman from Florida (Mr. Stearns) is recognized 
during morning hour debates for 5 minutes.
  Mr. STEARNS. Mr. Speaker, we will soon be asked to provide an 
additional $87 billion in order to continue our efforts abroad in Iraq 
and Afghanistan.
  Now, many, as you just heard, are complaining about the costs in Iraq 
and the billions that will be needed to maintain a stable Iraq into the 
future. One question I ask for my colleagues and the American people to 
consider is, what is the cost if we do not act? In reality, very few 
Members of Congress will vote against the President's supplemental 
request, but we do not need to blindly cast our vote without providing 
options on how to at least partially offset the cost for this 
reconstruction.
  I recently had town meetings in my Congressional District. Some of 
the questions that some of the constituents asked centered on why the 
American taxpayer has to foot the entire bill for Iraq reconstruction? 
Why can Iraq not provide funding for reconstruction and security 
themselves? I think all of my colleagues would agree this is a valid 
question.
  However, with the decrepit state of Iraq's infrastructure and 
economy, such a contribution from a people just emerging from decades 
of oppression and neglect, it is impossible to expect Iraq to provide 
much in the way of reconstruction funding in the near future.
  The American people are generous people. They understand that it is 
for the greater good to help someone help themselves. But they also 
recognize we cannot continue to provide open-ended monetary assistance 
if we do not receive something in return. It is a meet-us-halfway 
approach, if you will.
  Why not provide loans for reconstruction, or at least for rebuilding 
some of the infrastructure, to include electric and water, et cetera? I 
think that we should consider this as an alternative to the grantmaking 
that the administration is requesting.
  Specifically, these loans should be linked to potential future Iraqi 
oil revenues. As we know, Iraq has the world's second largest oil 
reserve, 11 percent of the world's total. However, only 17 of 80 oil 
fields have been developed. In addition, Iraq has a sizable amount of 
natural gas reserves that have yet to be developed. Given the 
substantial amount of revenues that Iraq could generate into the 
future, there exists a means to repay some of the costs of this 
reconstruction.
  Now, the Coalition Provisional Authority is working on an Oil Trust 
Fund, a plan hoping to begin operation in early 2004. It would appear 
sensible to use such a fund in concert with a loan program to allow 
Iraq to repay some of these construction costs.
  Of course, Iraq has already been saddled with billions in debt. 
However, Mr. Speaker, as we have learned in recent hearings on Iraq's 
future, much of the debt is owed to countries that refused to lift a 
finger to help the Iraqi people free themselves from oppression and a 
destitute existence. Instead, these countries thought it better to put 
Americans at risk to bring freedom to these oppressed people. So why 
should the United States and those countries that have allied with us 
remain concerned with those countries, that they get repaid first?
  The American people have been asked to sacrifice much. Three thousand 
innocent lives were lost in 2001.

[[Page 23615]]

We have lost more Americans in the ensuing war on terrorism, and 
families continue to endure the separation of loved ones and the 
economic hardships of Guard and Reserve members leaving their civilian 
jobs to serve in Operation Iraqi Freedom.
  Are we asking too much for the administration to provide an 
opportunities for American generosity, persistence, patience and 
sacrifice to be acknowledged, appreciated and repaid? I think not. 
Americans will not shy away from the mission it has been tasked to 
complete. We are making progress every day, and our troops, while 
facing danger, are at the same time offering their time, money, and 
supplies to assist the local Iraqi people.
  Once this supplemental is passed, we must support the seven necessary 
steps towards a new Iraq.
  One, the appointment of the Iraqi Governing Council in July.
  Two, in August the Governing Council named a Preparatory Committee 
for writing Iraq's new, permanent constitution.
  Three, this month, the Governing Council appointed ministers to run 
the day-to-day affairs of Iraq.
  Four, writing the Constitution.
  Five, popular vote on ratifying Iraq's Constitution.
  Six, finally electing a new government.
  Seven, transferring sovereignty from the coalition to the new 
government.
  Mr. Speaker, we will give the President the funds our country needs 
to protect and sustain our troops and rebuild a country whose people 
want to live proud and free again. All we are seeking is some measure 
to ensure that the American people aren't permanently footing this 
bill.

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