ScreamingEagle
Gold Member
- Jul 5, 2004
- 13,399
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After two years of bailouts, stimulus spending, TARP and earmarks, the country took a deep breath and is now beginning a discussion about the unsustainable trajectory of federal expenditures and the reforms necessary to right the countrys fiscal ship.
This is all good and healthy. However, Washington is not the only place with an overspending problem. We are now starting to see greater attention being paid to the dire financial straits of state governments which pose just as grave a threat to the country.
New Jersey Gov. Chris Christie, who knows what its like to begin fixing a state where profligacy has carried the day for far too long, said on 60 Minutes last Sunday, that, for states, the day of reckoning has arrived.
This day of reckoning has convinced policy experts, political observers and some on Capitol Hill that federal legislation allowing states to file bankruptcy might be the only way to avoid a federal bailout of the most fiscally reckless states in the union.
Opinion: Let states go bankrupt - Grover G. Norquist and Patrick Gleason - POLITICO.com
This is all good and healthy. However, Washington is not the only place with an overspending problem. We are now starting to see greater attention being paid to the dire financial straits of state governments which pose just as grave a threat to the country.
New Jersey Gov. Chris Christie, who knows what its like to begin fixing a state where profligacy has carried the day for far too long, said on 60 Minutes last Sunday, that, for states, the day of reckoning has arrived.
This day of reckoning has convinced policy experts, political observers and some on Capitol Hill that federal legislation allowing states to file bankruptcy might be the only way to avoid a federal bailout of the most fiscally reckless states in the union.
Opinion: Let states go bankrupt - Grover G. Norquist and Patrick Gleason - POLITICO.com