If its leaking there by the rag joint, then its the input shaft seal on the steering sector.
Rockauto sells a complete rebuilt steering sector for about $100, but there is a $100 core charge, so you are probably better off buying locally.
You can buy that seal fairly cheap, but I would not advise it. Odds are other parts are worn.
BUT, and this is very important! What did you put in it?? It must be power steering or automatic transmission fluid.
Power steering is recommended, but atf will work.
The reason I ask, is I have seen people put in brake fluid. The results are usually like you describe.
A sudden leak.
If you put in brake fluid, you got more problems than just that one leak.
If you did not use brake fluid, then sooner or later you will have to replace or rebuild that steering sector.
But, there are a couple of things that might buy you a little time.
First, the power steering stop leak that they sell in parts houses is not a substitute for fixing worn out parts, but it might help for a little while.
Second, many times a shaft leak like that will only leak in a certain position. Friend of mine drove his car for over a year with no fluid loss by always being certain to park it with the steering wheel turned a certain way.
Either way, the first step is to pour in more fluid and see what happens.