[Congressional Record Volume 155, Number 192 (Thursday, December 17, 2009)]
[Extensions of Remarks]
[Page E3022]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




        INTRODUCTION OF THE UNITED STATES WAR BONDS ACT OF 2009

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                         HON. KENDRICK B. MEEK

                               of florida

                    in the house of representatives

                      Wednesday, December 16, 2009

  Mr. MEEK of Florida. Madam Speaker, I rise today to introduce before 
the House of Representatives, the War Bonds Act of 2009. War bonds are 
a cost-effective way to reduce our dependence on foreign creditors and 
create an outlet for Americans to express their patriotism and support 
for our servicemembers as well as the security mission for which they 
are deployed.
  To be sure, thousands of Americans have made tremendous sacrifices 
over the course of this war. Members of the military, their families, 
and their friends have gone above and beyond the call of duty, and we 
must never take their service for granted. Many of us have begun 
shopping for our friends and families this holiday season, while a 
relatively small group of families are preparing to send their loved 
ones off to battle.
  We have an opportunity to bridge that disconnection. We have an 
opportunity to open our wallets and provide gifts, big or small, to our 
troops. These funds will go toward more than war machinery, but to 
clothing, feeding, securing, and providing medical services for our 
service men and women abroad. It will allow them the means to make 
quick work of their mission and to return home safely to their 
families. The War Bonds Act of 2009 will allow Americans to show their 
support for the troops even if they are wary about the war itself.
  We also need to responsibly finance the increase in troop levels 
rather than continuing deficit spending for the mission. Each soldier, 
sailor, airman, and marine that we send abroad costs $1 million per 
deployment. A 34,000 person troop increase could raise our Afghanistan 
tab by some $40 billion per year, affecting our ability to invest 
domestically and to rebuild our military from the wear of the Iraq war. 
In past wars, Congress has raised taxes to fund most of our fighting, 
but since 9/11 the war bills have been piling up. Our engagements in 
the Middle East have been financed primarily by debt, money borrowed 
from foreign countries. In fact, nearly $3.5 trillion--46 percent of 
U.S. debt--is held by foreign investors.
  War bonds allow us to borrow from ourselves, rather than other 
countries. United States savings bonds are considered some of the 
safest investments in the world. They are available in predetermined 
denominations and mature over a period of time while accruing interest. 
After a number of years, the owner of the bond can collect the face 
value cost of the bond plus interest. All U.S. savings bonds are backed 
by the full faith and credit of the United States Government.
  The legislation I am introducing today will allow American citizens 
to do our part without being required to do so through taxation. The 
legislation will 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. Where we have sacrificed our future with 
billions of dollars of deficit spending on the war, we can begin 
bringing down that deficit with much smaller individual sacrifices now.
  The U.S. War Bonds Act of 2009 finds a precedent in World War II 
savings bonds. From May 1, 1941, through December 1945, the War Finance 
Division and its predecessors were responsible for the sale of nearly 
$186 billion worth of government securities. Of this, more than $54 
billion was in the form of war savings bonds.
  I believe that the same patriotism is alive and well today, and that 
as a Nation and a people we have not lost the will to make collective 
sacrifices for the greater good. The men and women in the U.S. military 
are fighting year-round in faraway places, with their sacrifices and 
those of their families beyond comprehension. I believe that in that 
same spirit, Americans will be able to use war bonds to offer a token 
of respect, admiration, and support for those in uniform who show the 
same for us every day of their lives.

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