How US is deferring war costs - By Ron Scherer at CSMonitor

[applegrove]

How US is deferring war costs

As war spending on Iraq and Afghanistan nears the levels for Vietnam and Korea, concern is rising over the 'borrow now, pay later' approach.
By Ron Scherer | Staff writer of The Christian Science Monitor
January 16, 2007

NEW YORK - "To pay for World War II, Americans bought savings bonds and put extra notches in their belts. President Harry Truman raised taxes and cut nonmilitary spending to pay for the Korean conflict. During Vietnam, the US raised taxes but still watched deficits soar.

But to pay for the ongoing wars in Iraq and Afghanistan, the US has used its credit card, counting on the Chinese and other foreign buyers of its debt to pay the bills.

Now, as President Bush is promising to boost the number of troops in Iraq, there is increased scrutiny over how the US is going to pay for it all.

The US is spending about $10 billion a month on Iraq and Afghanistan. By the end of this year, the total funds appropriated will be nearly $600 billion – approaching the amount spent on the Vietnam or Korean wars, when adjusted for inflation.

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http://www.csmonitor.com/2007/0116/p01s01-usfp.html