Blackwater Chief Erik Prince fended off hard-nosed Henry Waxman and his Democratic colleagues who feel the security company is bilking American taxpayers.

The crew-cut headed, Republican-connected former Navy Seal skillfully turned the tables on the Dems by saying the U.S. is getting a “bargain” in Iraq.

Here is the scenario: Blackwater bills Uncle Sam a mere $981 a-day for its 1,000 operatives who guard State Dept. officials. That’s 20 percent less than the $1,222 rate that Waxman’s committee had estimated.

Granted a U.S. sergeant costs taxpayers around $150 a-month, but Prince trumped that point, explaining the sergeant doesn’t show up “naked and untrained.” Take that, Henry. And then there are the three helicopters that Blackwater lost. Who is going to pony up for those choppers?

Prince made one miscue, explaining that his 1,000 men are not “mercenaries” because they are American citizens, not foreigners. That’s either here nor there for the Iraqs who see Blackwater’s khaki-clad, machine gun-carrying tough guys menacing them.

Prince also missed a golden opportunity to show the “softer side” of Blackwater.

He should have “bracketed” himself with the stuffed teddy bears that Blackwater hawks on its website. Those nattily-attired teddies are decked out in sweaters featuring the Blackwater logo.

Or how about Blackwater Christmas ornaments to usher in the festive holiday season. They are a steal at $11.50.

Even better, Blackwater shotglasses ($3.75 each) for all. That’s the most appropriate stocking-stuffer for many, since news of Blackwater’s involvement in the shooting deaths of 17 Iraqi civilians last month is enough to drive its critics to drink.