Lawmakers Offer 'War Bonds' Legislation

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Lawmakers Offer 'War Bonds' Legislation
December 17, 2009
Knight Ridder

WASHINGTON -- Lawmakers in both houses of Congress have introduced legislation to pay for the wars in Afghanistan and Iraq by using a method that's a throwback to prior U.S. conflicts: war bonds.

Saying that it would "promote national shared sacrifice and responsibility," the bill that Rep. Kendrick Meek, D-Fla., introduced Wednesday in the House of Representatives would authorize the treasury secretary to issue and sell war bonds to Americans to fund the wars. Sen. Ben Nelson, D-Neb., filed companion legislation in the Senate earlier this week.

"At a time of tremendous sacrifice for our military families, we need to promote shared sacrifice and shoulder collective responsibility as a nation as we fight two wars halfway across the globe," Meek said, calling war bonds a "cost-effective way" to reduce dependence on foreign creditors.

He also said the bonds would "create an outlet for Americans to express their patriotism and support for our service members as well as the security mission for which they are deployed."

The legislation comes as Congress debates ways to pay for the wars, including a tax on the wealthy. Critics note that the bonds must be repaid eventually, merely postponing the debt.


Rest of article at: http://www.military.com/news/article/lawmakers-offer-war-bonds-legislation.html?col=1186032310810