Senator McCain? What’s a Few Hundred Billion really mean?

During the debate McCain said something about spending 300 Billion dollars to bail out failing mortgages. It was only lightly touched upon and many people (myself included) were confused when confused pundits started saying that he was suggesting a new package (read 300 Billion MORE/ON TOP OF the 700 Billion passed last week.) Today, a very good source (not a personal friend but someone I trust would know) explained that it is 300 Billion of the original 700 Billion passed last week. It would NOT be in addition to the 700 Billion but part of how that 700 Billion would be disbursed.

They also went on to explain that the money would go to help people who had truly qualified for their mortgage at the time of the approval of their applications but got caught up in the downward spiral. It would not be used to bail out fraudulent approvals or those who have abandoned their responsibilities. I like the idea of not bailing out those who aren’t being responsible but I wonder how the government is going to distinguish between the two groups of people?

Either way, it is frightening that the Federal Government has such HUGE control over many of its citizens private property. It seems like some kind of constitutional line is being blurred.

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