The Wall Street Journal reports that Oklahoma Senator Tom Coburn was blocking a bill that would increase the flexibility of the Federal Housing Authority because the bill could "expose American taxpayers to $1.6 billion [in liabilities] over five years," and therefore should not rushed through.
This sum is equal to approximately 0.01 percent of projected spending over the next five years. It is approximately equal to what the country spends every three days on the wars in Iraq and Afghanistan. If the number is correct (Mr. Coburn may have meant "trillion" rather than "billion"), then the potential risk from this bill does not seem especially large, as should have been pointed out to readers.
The American Prospect is nonprofit, reader-funded journalism—and we need your help.
Our reporters dig deep, hold power to account, and explain how policy shapes people’s lives. If you value independent journalism that goes beyond the headlines, now’s the time to support it.
Here’s how you can help: • Donate to power fearless reporting
• Subscribe to get our print magazine 6x/year.
