Power Lunch

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Power Lunch

Iraq Study Group: Impact On U.S. Economy

. The questions remain: Will President Bush listen and what impact will this have on the U.S. economy. CNBC's John Harwood appeared on "Morning Call." Harwood said the report basically came down to a couple of major conclusions: more diplomacy is needed and a reduced role for U.S. troops by 2008.

Harwood says that besides the terrible number of deaths in Iraq--there are questions about how this all will effect the U.S. economy. U.S. involvement is longer than America's time in World War II. And for the costs-the Iraq war has nearly surpassed Vietnam.

$536 Billion in Vietnam War

$506 Billion in Iraq by September of 2006

$633 Billion projected by end of 2007