Of course, the money should not be used for earmarks - only for debt reduction.

WPP said it might use its surplus cash for debt reduction, acquisitions, capital spending, increased dividends or share buybacks.

The proceeds will be used for "debt reduction and general corporate purposes," Robert O'Brien, a company spokesman, said.

It would also create a $60 billion reserve that Congress could use for further debt reduction or additional tax cuts.

But now everyone is finding out that in fact that money isn't there any longer and it's been used for debt reduction.

The surplus would more prudently be used for debt reduction or capital construction.

But as Mr. Bush points out, tax money that flows into Washington is often spent before it can be used for debt reduction.

A staff report from the World Bank about how the bank's money might be used for debt reduction is expected in late May.

The company offered 73,300,000 shares at USD$11.00 per-share, raising almost USD$766 million, with the proceeds being used for debt reduction.

On Monday, the company announced that it planned a large sale of oil and gas properties, with the proceeds to be used largely for debt reduction.