The National Debt was raised $800 Billion this weekend in the new Housing Bill H.R. 3221. The National Debt ceiling can go as high as $10.6 Trillion or roughly 75% of the US Gross Domestic Product.

All this just to bail out Fannie Mae and Freddie Mac?

The Housing Bill containing the Paulson GSE bailout plan goes the House floor for a vote today. The bill as written by the Senate has a $4 Billion in grant provision for local governments to buy foreclosed homes directly. The President threatened a veto if this provision is in the final bill but has since retracted his opposition.