On Saturday the Senate passed the new “housing rescue” bill with almost no debate. And in case you missed it, it gives Treasury Secretary virtually unfettered power to saddle the taxpayers for generations to come with another roughly trillion dollars of debt. (According to the NY Times, “the only real limit on the Treasury’s authority is the new $10.6 trillion debt ceiling. There is roughly a $1.1 trillion cushion between the new limit and existing federal debt of $9.5 trillion”).
Here it is – read it and weep:
SEC. 3083. INCREASE IN STATUTORY LIMIT ON THE PUBLIC DEBT.
Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $10,615,000,000,000.