About those hefty campaign promises

The $700 billion question

The bailouts' effect on the federal budget was the main topic in Washington today, as insiders await the estimate from the Congressional Budget Office (CBO), which is responsible for "scoring" the impact on the Treasury of every bill that comes out of Congress. Even proponents of the plan say the hundreds of billions of dollars the Treasury will have to borrow to pay for the bailouts will be committing so much government money that the next administration will have to entirely recast its domestic policy agenda.

Neither presidential campaign has addressed a potential re-drafting of their ambitious policies and are continuing to discuss expanded healthcare plans and tax cuts. Meanwhile, budget writers may very well be looking at a $500 billion or higher budget deficit and at least $11 trillion in national debt after we choke down these bailouts.