First, the Universal National Service Act of 2003 (Introduced in Senate) (currently just a proposal).
“The current agenda of the US federal government is to reinstate the draft in order to staff up for a protracted war on “terrorism.” Pending legislation in the House and Senate (twin bills S 89 and HR 163) would time the program so the draft could begin at early as Spring 2005 — conveniently just after the 2004 presidential election! “
I’m pretty sure this is all just fearmongering, but the idea is still scary. I’m too old (and physically unfit with among other things, asthma) for the draft, but I have friends who are perfectly eligible.