The bail out invests 100 billion in fannie mae and freddie mac each, also 85 billion loan to AIG. They didn't go to congress to raise the debt limit first. Where does the money come from?
Upon the Fannie/Freddie "takeover", they did go to Congress and had the Federal Debt Ceiling raised to 10.6T... On Friday it was raised yet again to 11.3T.
Here is a good read on the whole mess from Greg Mankiw http://www.nakedcapitalism.com/2008/09/why-you-should-hate-treasury-bailout.html In short the money is coming from the "printing presses" We will just issue more debt and let our grand kids pay it off. Except at this pace our grand kids may not be living here. Its becoming evident the next phase of this crisis may spread to dollar as Foreign Holders of Debt begin wondering if the U.S. is the safest place to keep their money. And with the government effectively writing IOUs to everyone with a bag of poop where exactly will be their place in the long line of creditors. http://blogs.cfr.org/setser/2008/07/07/the-quiet-bailout-continues/