Can the GAO get a mortgage bailout?

Why some conservatives are backing Obama: "Susan Eisenhower, granddaughter of Republican President Dwight Eisenhower: 'Deep in America's heart, I believe, is the nagging fear that our best years as a nation are over. We are disliked overseas and feel insecure at home. We watch as our federal budget hemorrhages red ink and our civil liberties are eroded. Crises in energy, health care and education threaten our way of life and our ability to compete internationally. ..."

I have not made up my mind about my Presidential vote, and linking to this article is not an endorsement of Obama - nor an indictment of him. But saving, investing, buying a house, pursuing an education, even having children - all these undertakings require a certain optimism, a trust that the future will bear them out, and a lot of Americans - especially investors, savers - you know, the kind of folk who sat out the housing bubble and are now prepared to swoop in and buy up houses - aren't feeling so optimistic. Politically, I believe that our government - under any candidate - needs to shore up those American "promises" - life, liberty, the pursuit of happiness, and freedom from the over-arching fear of Federal Government bankruptcy (or government spending hitting 50% of GDP, which the GAO projects will be necessary by 2070 - I don't know about you, but I do expect to be around in 2070, a mere 62 years from now; I hope to be a spry, active nonagenarian).

During the primaries, I read a candidate's treatise on his intended policies, and I found some of the ideas quite promising, but the overall takeaway was "That adds up to a lot of new expenses. Gosh, doesn't he know how bad the government debt is?" Whether you're leaning towards Obama, McCain, Nader, or "None of The Above," here's a stark reminder:

The government only has two ways out of their economic mess - man up and start solving the problem.... (I'll wait while the laughter subsides)... or go ahead and let inflation run wild (no need to default when you own the currency printing presses). Will consumers allow inflation to run? There's an interesting test. But if inflation goes wild, home ownership is a decent bet - as long as inflation inflates your salary faster than your expenses. Rising taxes are virtually a given, under any president, because our government obligation has reached the point where it's an exploding option-ARM itself. Pay less now, pay lots more later; pay more now, pay less more later (yes, I said less more - it's gonna be more later no matter how we dice it). The housing market has given us a brilliant illustration of what happens when folks pay less than the interest on enormous long-term debts - lots of folks are overdue on their property taxes, lots of folks couldn't afford basic maintenance, and, now, lots of folks lost their homes. If America couldn't afford to have Bear Stearns implode, we certainly can't afford to have the Federal Government implode.

Data on the Government financial status:
Complete FY 2007 Financial Report (PDF, 186 pages)
The Nation by the Numbers (PDF, 10 pages)
Notes to the Financial Statements (PDF, 62 pages)