GOP Leader: No Bailout for states

[Political Junky]

The Associated Press: House GOP leader says no federal bailout of states

WASHINGTON (AP) — A top House Republican said Monday that the federal government will not bail out fiscally ailing states and said he opposes a proposal that Congress allow states to declare bankruptcy as a way of handling their growing piles of debt.
Though there has been little discussion of Washington bailing out states, some congressional Republicans and conservative groups are suggesting that states be allowed to seek protection in federal bankruptcy court, which they are currently barred from doing. Public employee unions, liberal groups and some lawmakers of both parties oppose the bankruptcy idea.
House Majority Leader Eric Cantor, R-Va., told reporters Monday that he believes states already have the tools they need to ease crushing budget deficits since they can cut spending, raise taxes and pressure public employee unions to renegotiate their contracts and pension benefits. As a result, he said, he opposes letting states declare bankruptcy because he said they don't need that power.
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[Sallow]

Somewhere Grover Norquist is grinning ear to ear.

 

[Oddball]

They already got bailed out in the 2009 "stimulus" bait-and-switch.

Of course, the states could always turn around and demand that the feds fully fund their asinine handout programs (i.e. Medicare/Medicaid).

Personally, I suggest, to all of y'all who haven't, to start buying gold, silver and ammo, while you still can.

 

[Oddball]

Somewhere Grover Norquist is grinning ear to ear.

More like Frances Fox Piven.

 

[Avatar4321]

So expecting states to actually address their problems rather thank kick the can down the road is somehow a bad thing?

 

[waltky]

California not the only state with debt problems...

The States Most Burdened by Debt
March 04, 2011 - States with the Most Debt Per Person

Much of the focus in Washington these days is on the ballooning national deficit, but going forward, state fiscal problems may be the bigger concern.

The total budget shortfalls for the 50 states is expected to skyrocket to $125 billion in the 2012 fiscal year, as 45 states are now living in the red, according to a report from the Center on Budget and Policy Priorities. State revenues dropped by roughly half a trillion dollars during the recession, as the tough economy lowered wages, shut down businesses and forced many homeowners into foreclosure, all of which reduced tax revenues. Add to this an increased demand for public programs that help the increasing number of people without jobs and homes, and you have the perfect mix for a fiscal crisis.

Already, concerns about the fiscal health of the states has led some in Congress to put forth new legislation allowing states to declare bankruptcy in the same way that businesses and individuals do when they need to restructure their debts.

MORE

 

[JWBooth]

Good
I hope they hold to it.

 

[Trajan]

the coffers are drained, the cupboard is empty...the great progressive experiment has run out of Ducats to tax or steal.....and allocate.


And travellers, now, within that valley,
Through the red-litten windows see
Vast forms, that move fantastically
To a discordant melody,
While, like a ghastly rapid river,
Through the pale door
A hideous throng rush out forever
And laugh&#8212;but smile no more.

 

[JWBooth]

the coffers are drained, the cupboard is empty...the great progressive experiment has run out of Ducats to tax or steal.....and allocate.


And travellers, now, within that valley,
Through the red-litten windows see
Vast forms, that move fantastically
To a discordant melody,
While, like a ghastly rapid river,
Through the pale door
A hideous throng rush out forever
And laugh—but smile no more.

And damn few will admit that they are still fooled into believing those Ducats are anything more than wooden nickles.

 

[Polk]

Personally, I suggest, to all of y'all who haven't, to start buying gold, silver and ammo, while you still can.

 

[Mini 14]

Well.....finally something the GOP and Obama agree on?




That's fantastic!

STFU, California!