Costs of Afghan, Iraq wars hit $1.6tr

The economic costs of the wars in Iraq and Afghanistan are estimated to total $1.6 trillion - roughly double the amount the White House has requested thus far, according to a new report by the US Congress' Joint Economic Committee.

The report released yesterday attempted to put a price tag on the two conflicts, including "hidden" costs such as interest payments on the money borrowed to pay for the wars, lost investment, the expense of long-term health care for injured veterans and the cost of oil market disruptions.

The $1.6 trillion figure, for the period from 2002 to 2008, translates into a cost of $20,900 for a family of four, the report said. The Bush administration has requested $804 billion for the Iraq and Afghanistan wars combined, the report stated.