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Israel Losing Millions in Interest as U.S. Aid is Delayed in Congress

Israel is losing millions of dollars in interest it would have earned had the annual $3.4 billion in military aid and $400 million in additional grants arrived from Washington in October as expected. Globes financial newspaper reports that Israel is the only aid recipient to receive its annual grant in a single payment at the start of the fiscal year – October. But this year, partisan fighting in Congress has delayed the signing of the budget by the president, which triggers the aid disbursement. Israel also stands to lose a significant amount of new allocations because the U.S. government is still operating on the basis of the 2010 budget until 2011 is passed. The new allocations are contained in that budget according to Globes.