FAIRBANKS, Alaska (AP) - The federal government could sell bonds to cover the cost of disaster recoveries under legislation introduced by U.S. Rep. Don Young, R-Alaska.
Young introduced the bill Tuesday and spoke in favor it on the floor of the House of Representatives.
"When a natural disaster, be it a hurricane, earthquake, tornado or flood, hits a particular region or state, the rest of us can often feel disconnected because it's happening to 'them' and not 'us,'" Young said.
"Buying bonds that are specifically designated for these types of disasters can help bring together Americans and create a sense of patriotism."
America has averaged 31 major federal disaster declarations annually for the past 50 years, Young said.
"We must find a way to meet the inevitable needs that will arise after future disasters," he said. "We cannot continue deficit spending."
Money from his proposed disaster recovery bonds would supplement the dollars already in the federal government's disaster relief fund, Young said.
"This idea of individual Americans pitching in for the good of the nation was instrumental in the success of the war bonds during Word War II," he said.
Young rejects an alternative source of disaster relief, the recently passed $286 billion highway act.
Critics have called on Congress to revoke $450 million that Young steered to two proposed bridge projects in Alaska through the highway act, along with billions in similar earmarks to other states.
Young said last month that the critics can "kiss my ear."
Taking apart the bill, which was years in the making, would be politically impossible, he said. Groups have mounted campaigns to convince Congress otherwise.
Young, in his floor speech Tuesday, said Congress has approved $62.3 billion for Gulf Coast recovery efforts.
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Information from: Fairbanks Daily News-Miner, http://www.newsminer.com
