"In a speech on March 14, 2002, President Bush outlined a proposal for a major new U.S. foreign aid initiative. The Millennium Challenge Corporation (MCC) provides assistance through a competitive selection process to developing nations that are pursuing political and economic reforms in three areas: ruling justly, investing in people, and fostering economic freedom. […] MCC implementation matters continue to unfold, including the relationship of MCC and USAID, sectors chosen, and the impact of rising costs on country programs. A growing question raised by some Members of Congress concerns the level of funding to support MCC programs. Some fear that insufficient funds might force the MCC to reduce the number of recipients or the size of the grants. Others, however, support reductions in the MCC budget, disturbed by the slower-than-anticipated pace of Compact agreements and lack of concrete results to date. This report will be updated as events unfold."
CRS Report for Congress, RL32427
United States. Department of State, Foreign Press Centers, Bureau of Public Affairs: http://www.fpc.state.gov/