In 2004, Sens. Rick Santorum (R-Pa.) and Jon Corzine (D-N.J.) proposed the America Saving for Personal Investment, Retirement and Education (ASPIRE) Act, legislation that would have given every baby a minimum $500 endowment, untouchable for 18 years, at which time it could be used to help pay for college, put a down payment on a house or start a business....

The notion of a baby bond is grounded, according to supporters, in the concept of the American ownership society, which was a tenet of President Bush's 2004 campaign (when the practical application was privatizing Social Security).

"The intellectual history of this idea is property ownership -- the Homestead Act, the GI Bill -- conscious efforts to spread property ownership through the population," said Ray Boshara, director of the Asset Building Program at the nonpartisan New America Foundation, which helped craft the ASPIRE legislation and advised British officials on their program. "That has broad bipartisan support."

The idea, he said, is to put children on a path toward lifetime savings and wealth accumulation, a notion that appeals to conservatives and liberals.

On Wednesday, in fact, the ASPIRE legislation was quietly reintroduced in the House of Representatives by a bipartisan coalition. Boshara said the reaction to Clinton's remarks --especially Giuliani's -- made some Republican supporters nervous.

"Even if Rudy Giuliani thinks it's a good idea, he's not going to say that," said Boshara. "This is a campaign, and this was an easy target. I suspect that $500 would not have received quite the denunciation that $5,000 did."

Slightly more than 4 million babies are born in this country every year. Money in a baby bond plan would be invested and augmented by matching funds. Financial education would be part of the program. The goal would be to have around $20,000 available to each young adult when he or she turns 18.

"If you have assets as a kid, it changes your mind-set and your orientation, and conservatives love that part of the idea," said Boshara. "For Democrats, it's more about opportunity. When everyone was talking about Social Security and savings and retirement security, this was the only idea that brought Democrats and Republicans together..."

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