That idea is plain stupidity. You can have a very low orbit and achieve the same with a small telescope.
Take the money and spend it on small asteroid survey! There is a 50 meter rock shaving our atmosphere next Friday!
We don't need 2 more Hubble-class telescopes, right now we need two things:
- a large on-orbit telescope for exo-planet study (not discovery)
- a large number (tens of thousands) of small earth based telescopes (<1 meter diameter) scanning the sky for small asteroids, exo-planets, super novas and GRBs.
Actually all the sky can be scanned 100% of the time with some 100 telescopes spread across the globe, but turbulence and other weather conditions could prevent it.