War costs could reach $1.6 trillion, panel says – MarketWatch

War costs could reach $1.6 trillion, panel says – MarketWatch
WASHINGTON (MarketWatch) — The wars in Iraq and Afghanistan could cost the U.S. economy $1.6 trillion through 2009, about double the amount directly requested by the Bush administration so far, according to a report released Tuesday by Democrats on the House-Senate Joint Economic Committee.
The report includes costs not included in the administration’s funding requests, including the interest on money borrowed to finance the war, an estimate of the impact on oil markets, and costs tied to treating the wounded and disabled and other related costs.
Those costs, when added to direct funding of $607 billion, push total costs for the Iraq war to $1.3 trillion, the report said. If spending in Afghanistan is included, costs could reach $1.6 trillion by the end of fiscal 2008. The report estimated that both wars could carry economic costs of $3.5 trillion between 2003 and 2017.

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