By John T. Bennett - 07/15/11 01:45 PM EDT
The United States will formally recognize the top opposition group in Libya as that nation’s government, a move that should give an economic and diplomatic boost to the rebels.
Council leaders have lobbied U.S., European and regional leaders to formally call their group Libya’s legitimate government so tens of billions in Moammar Gadhafi funds could be funneled to the council. Those funds could then be used to boost its efforts to drive the embattled Libyan leader from power.
The AP reported that the U.S. recognition could allow Washington to transfer as much as $30 billion in Gadhafi funds.