I am tempted to say that I can think of seven hundred billion good arguments
But how about
it won't work it avoids addressing the underlying problem it rewards the institutions that created the problem it increases moral hazard it is more of the same extension of credit that fuelled the problem in the first place it deepens the US economy's dependence on credit it puts off the problem to tomorrow it damages the credibility of the US economy it damages the credibility of the US government it damages the credibility of the US financial sector
Not to say that I have a better idea, but just because this is the only idea on the table, does not mean that is a good one.