WASHINGTON — In an attempt to help avoid sharp tax increases or increase foreign borrowing, Sen. Ben Nelson on Tuesday introduced the U.S. War Bonds Act of 2009.
The legislation would authorize the Treasury to issue and market war bonds to the American people to help finance the wars in Afghanistan and Iraq.
“I believe that we need shared sacrifice and fiscal discipline in financing the war effort,” said Nelson, D-Neb. “I don’t believe our first instinct should always be a rush to tax. The government has gone to great lengths to address the economic downturn, and adding new taxes right now could undermine those efforts.
“War bonds allow us to borrow from ourselves, rather than other countries.”
During World War II, the War Finance Division and its predecessors were responsible for the sale of nearly $186 billion in government securities, including more than $54 billion in war savings bonds, Nelson said.
“My hope,” he said, “is that we can tap into the same spirit of patriotism and create a sense of participation in the war effort akin to that shown by the Greatest Generation.”
Contact the writer:
202-662-7270, joe.morton@owh.com
