A new way to pay for Iraq, Afghanistan: Buy war bonds
Published: December 17, 2009
Paying for the ongoing military operations overseas has become a major issue on Capitol Hill, especially in light of the newly announced surge of 30,000 troops into Afghanistan. Now one Texas Republican believes he has the answer: War bonds.
Rep. Michael Burgess introduced legislation earlier this week which would allow the U.S. government to sell bonds as a way to subsidize the war on terror, echoing similar bond sales during World War II. Burgess said the move is not only financial but also an opportunity to engage more of the public in the fighting overseas.
"So many times I am asked, ‘How can I, as an average American, express my support for our nation’s service members fighting abroad?’" Burgess said in a statement. "War bonds send a strong message to those fighting to preserve freedom that they have our unwavering and steadfast backing."
Congressional officials tried a war bond approach following the Sept. 11 attacks, but money from those Patriot bonds are directed into the general fund. Burgess' measure would tie that money directly to military operations in Iraq and Afghanistan.
During World War II, war bonds sales helped raise more than $185 billion for the military efforts in Europe and the Pacific. Officials in Burgess' office say they don't have any estimates for how much a current bond sale could bring in, although they're optimistic it would be a comparable amount.
Many lawmakers have griped the latest surge of troops into Afghanistan will only worsen America's economic issues, and several prominent Democrats have backed the idea of a war tax to defray the costs.
Earlier this year the Congressional Budget Office estimated the final cost of the wars in Iraq and Afghanistan could total nearly $1 trillion.
[PHOTOS: Oregon State Archive, National Archives]
