Good news, taxpayers! It'll cost us a mere $25 Billion to bail out Fannie Mae and Freddie Mac if the Mortgage Hutts buckle under the strain of the crippled housing market they helped create... Unless it costs more.
Even better news! The financial giants might not even require that bailout package proposed by the Bush Administration over the weekend... Unless the housing market continues to dwindle.
On the bright side, given the scope of our $2.9 trillion federal budget for FY 2008, $25 billion is pocket change. To put things in perspective, the estimated cost to rescue these two corporations is more than projected outlays for the following budget items:
-Renewable Energy ($1.2B)
-Higher Education ($23.8B)
-Federal Aviation Administration ($12.1B)
-Total US Army Enlisted Soldier Pay ($19.9B)
-Pell Grants ($13.2B)
-Federal Work Study (<$1.0B) -Customs and Border Protection ($8.8B) -FEMA ($5.2B) -Public Housing ($6.0B) -The (Entire Fucking) Department of Justice ($20.2B)
-National Nuclear Security Administration ($9.4B)
-The Environmental Protection Agency ($7.2B)
...Oh, and the War in Afghanistan ($19B)