Boomers running up the national credit card

Taken from Slate:

The Democrat-sponsored housing bill received 72-13 Senate approval in a rare Saturday session, giving the Treasury Department sweeping authority to prop up the country's two largest mortgage finance companies and potentially costing the government billions of dollars. "The bill raises the national debt ceiling to $10.6 trillion ... the first time that the limit on the government's credit card has grown to 14 digits," the NYT reports. Sen. Jim DeMint (R, S.C.), mentioned in both stories, told the WP that that the Treasury's new authority "crosses the line into socialism"; John McCain and Barack Obama both support the bill. The Post's economist sources say that the end of crunch won't come near as fast as the bill's passing. In fact, one says, the 400,000 households the bill hopes to assist are "a drop in the bucket."



This will make things worse.