Global Policy

An American attack on Iraq could profoundly affect the American economy, because the United States would have to pay most of the cost and bear the brunt of any oil price shock or other market disruptions, government officials, diplomats and economists say.

Eleven years ago, the Persian Gulf war, fought to roll back Iraq's invasion of Kuwait, cost the United States and its allies $60 billion and helped set off an economic recession caused in part by a spike in oil prices. For that war, the allies picked up almost 80 percent of the bill. Today, however, as the Bush administration works on plans to overthrow Saddam Hussein, the United States is confronting the likelihood that this time around it would have to pick up the tab largely by itself, diplomats said.

Unless the economic outlook brightens, the government could well find itself spending heavily on the military even as the economy recovers falteringly from last year's recession. Senior administration......

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Title: Global Policy
Approximate Word Count: 1572
Approximate Pages: 7 (250 words per double-spaced page)

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