Looks like Kerry uses the same fact-checkers as CBS. Since his point has to do specifically with how much money we've spent, almost doubling the amount seems unfair.

Kerry Exaggerates Cost of War in Iraq

There's little question that the Iraq war and its bloody aftermath will cost $200 billion, eventually. But so far, the bill for the war is still under $120 billion, according to the Office of Management and Budget. Kerry runs the figure up to $200 billion by counting money scheduled to be spent next fiscal year, plus additional funds for the future that haven't even been requested yet. He also is counting money projected to be spent for operations in Afghanistan and to protect US cities, not for Iraq.

$200 billion for Iraq, but they tell us we can't afford after-school programs for our children. $200 billion for Iraq, but they tell us we can't afford health care for our veterans. $200 billion for Iraq , but they tell us we can't afford to keep the 100,000 new police we put on the streets during the 1990s.

But isn't Kerry also criticizing Bush for his profligate spending? Shouldn't we just not be spending this money at all if Iraq is unnecessary? If our deficit is $400bn+ and Iraq only cost $120bn, Kerry would still need to cut $280bn in social programs to get to a balanced budget. I'm waiting for the proposals. Raising taxes on the rich isn't going to cover it, even assuming that it wouldn't hurt the economy.