Why would you assume that local pols are borrowing responsibly? I haven’t seen any evidence of that - and there isn’t any. It is hilarious that Obamalini wants to cut-off the local turkeys from pursuing their boondoogles. That will make them want to get their machines in gear for him next November ;-)
I don’t assume that local pols are borrowing responsibly. It’s the job of the local citizenry to keep their local pols accountable for their actions. Build a school, hopsital, stadium or skating rink or not, that should be the call of citizens in their local municipalities.
But I can tell you one thing, the Federal government will not do a good job of this. In this first case, they are more inefficient than local governments (and both are less efficient than the private sector). But secondly, as you have allluded to, this is nothing more than replacing local governance (with its attendant risk of corruption) with the intentional and far more pernicious corrupting influence of the Federal governemnt and Democrat party.