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I'd explain your situation to him, and let him know that, if he can't find someway to pay his bills, you will have to kick him out and get a new roommate.
Is there anyone he could borrow money from to pay these bills, such as a parent or another friend? If that is the main problem, since you say that you could support both of you for a little while otherwise, suggest it to him.
Just make sure he knows your problem, so that if it comes to you kicking him out, he knows that it is his fault.
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"Final thought: I just rented Michael Moore's Bowling for Columbine. Frankly, it was the worst sports movie I've ever seen."
--Peter Schmuck, The (Baltimore) Sun
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