War bonds to be issued? They really want a war this time. I don't think they have this idea for Gulf War back then. Why now?
Senators Try to Bring Back War Bonds
By NANCY ZUCKERBROD, Associated Press Writer
WASHINGTON (AP) - Sen. Mitch McConnell (news - bio - voting record), R-Ky., says it's time to bring back war bonds.
He introduced legislation Friday, along with Sen. Conrad Burns (news - bio - voting record), R-Mont., authorizing the Treasury Department (news - web sites) to establish a special category of U.S. savings bonds.
McConnell said, just like during World War II, the money raised from the bonds would not be earmarked for specific purposes. But he said the new revenue would help the government pay for rebuilding and anti-terrorism initiatives following Tuesday's attacks, in which hijackers plowed airplanes into the Pentagon (news - web sites), the World Trade Center and a Pennsylvania field.
``This is a war, and this will help the government finance it,'' McConnell said.
He said the Treasury Secretary would set very low interest rates on the war bonds. ``The advantage to the government would be that it would be able to borrow the money at lower interest rates than otherwise,'' McConnell said.
Congress authorized spending $40 billion Friday for the rebuilding efforts and future military campaigns against terrorist targets.
``.. No one thinks that will in any way pay the tab. It may not even cover the cleanup, much less the additional expenses to the intelligence agencies, the FBI (news - web sites) and the military to hunt down these people and complete the job,'' McConnell said.
He added that Treasury officials were supportive of the legislation, which he hoped to push through Congress next week.
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