In 2004 the military was considering reinstituting the Draft.
U.S. considering mandatory draft - Opinion
And again in 2007
Iraq war czar: Consider a draft - CNN.com
In 2007 it was explained why they didn't.
US not considering draft: Pentagon
Conclusion: It is not a strectch of the imagination that reinstituting the Draft is considered by our government and military from time to time. However, they always revert back to the "An all volunteer Army is a better Army" theory.