Why? It is doing what it was designed (politically) to do. Put hundreds of millions of dollars in the hands of Democrats and their unions. If only a few million a day go back to the politicians, that is ok.
Democrats are perfectly willing to waste $1,000 if it puts $1 in their pocket.
We can hope a lasting result of a two term Trump presidency is a refusal to bail out states that create this sort of debt. Let them go bankrupt, at minimum!