We all knew that we would have to borrow more money to fund the $700 billion bailout (that will really cost around $2 trillion or $3 trillion). But it’s not pleasant to see the numbers out there in black and white. (Or red. Blood red. As the case may be.)
$550 billion
That’s how much the government says it is borrowing in this quarter in order to meet the gargantuan obligations it has given itself. The first quarter of next year, reports CNN Money, is expected to see another $368 billion in borrowing.
It doesn’t matter who wins tomorrow’s election: Higher taxes are …read more

It’s a good thing that members of Congress are slowing the passage of the $700 billion bailout. (Dems want to add provisions to help “regular” folk, and conservative GOP types think the bailout is downright irresponsible.) The reason why is simple: This proposal, as submitted by the Treasury Department, is scary.
Yes, scary.
I’ve read on both Taxgirl and at My Two Dollars that the language of the proposal does not allow for any oversight of the Secretary of the Treasury as he doles out taxpayer funds to help save Wall Street firms. Here are some of the basics of what this …read more

The New York Times is reporting that the government is requesting $700 billion to bailout Wall Street.
Naturally this means that the national deficit ceiling is going to rise. (Is there any reason we have a ceiling?) And taxpayers are on the hook.
I just hope they use some of the money to do something useful – like build infrastructure. But I doubt it.