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(Florida Rep:) Francis Rooney: No Federal Bailouts of State and Local Governments
Sunshine State News ^ | October 2nd 2019 | KEVIN DERBY

Posted on 10/02/2019 11:31:06 AM PDT by Jacquerie

A Southwest Florida congressman is behind a proposal to ensure federal dollars won’t be used to bailout insolvent states, territories and local governments.

At the end of last week, U.S. Rep. Francis Rooney, R-Fla, introduced the “Government Bailout Prevention Act” which he showcased on Tuesday.

“American taxpayers do not like when their money is used to bail out failing corporations or businesses and this dislike extends to state and local governments who are fiscally irresponsible,” Rooney said.

According to Rooney’s office, the proposal “prevents the federal government, including the Federal Reserve and U.S. Treasury, from paying or guaranteeing state and local obligations if that government entity has defaulted, filed for bankruptcy, or is at risk of bankruptcy or default.”

“The taxpayer should not bail out failing industries, businesses, or banks,” said Toomey.“The same applies to state and local governments that overspend and mismanage their budgets into bankruptcy. Now some in Washington are pushing for the Federal Reserve and other federal agencies to spend billions to clean up these mistakes -- which is unfair. This legislation protects American taxpayers by ensuring their dollars aren’t used to bail out state and local governments.”

“The reckless, debt-fueled spending of a few state and local governments can’t go on forever, so it won’t,” said Cotton.“Our bill would ensure American taxpayers aren’t stuck with the tab for the spending binges of a few irresponsible politicians.”

(Excerpt) Read more at sunshinestatenews.com ...


TOPICS: Government; US: Florida
KEYWORDS: bailouts; florida; francisrooney; kevinderby
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1 posted on 10/02/2019 11:31:06 AM PDT by Jacquerie
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To: Jacquerie

I agree.

And I’m from NYS.


2 posted on 10/02/2019 11:32:29 AM PDT by mewzilla (Break out the mustard seeds.)
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To: Jacquerie

I agree, too, and I’m from California. The state and some local governments are careening toward insolvency due to underfunded pensions. Why should the feds bail out?


3 posted on 10/02/2019 11:34:55 AM PDT by irishjuggler
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To: Jacquerie

I give him tremendous credit for trying.

This is DOA in Congress.

The lesson of 2008 is thus:

If you go before the United States Congress with a sufficiently butt-puckering Chicken Little tale of impending doom and collapse, you WILL get a bailout.

Once you bail out the nation’s five or six wealthiest banks nobody else is taking no for an answer.


4 posted on 10/02/2019 11:35:21 AM PDT by Buckeye McFrog (Patrick Henry would have been an anti-vaxxer)
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To: Jacquerie

There should be no state bailout of the Federal government when it goes belly up. All 50 states can fend for themselves. Let the federal government collapse on its own.


5 posted on 10/02/2019 11:38:20 AM PDT by political1 (Love your neighbors)
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To: Jacquerie

Pols sold influence to these unions while putting US on the hook.


6 posted on 10/02/2019 11:39:41 AM PDT by Fido969 (In!)
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To: Jacquerie

i was told that i chose the wrong line of work, when i complained about the rising tax rates to fund government pensions and salaries and healthcare costs... they did not see the lack of fairness in taking more money out of my retirement to fund theirs... our handlers are more important than we are...

it will not end well.


7 posted on 10/02/2019 11:39:51 AM PDT by teeman8r (Armageddon won't be pretty, but it's not like it's the end of the world.)
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To: Buckeye McFrog

Of course this can’t stand. CA is ‘too big to fail’.


8 posted on 10/02/2019 11:44:30 AM PDT by A strike (Import third world become third world)
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To: Jacquerie

I like this

Add amendment that states must cut benefits to welfare, pensions, employee benefits regardless of union contracts.

If these fools can void contracts on whims like property deeds, etc, why are public union contracts sacred? They are not.


9 posted on 10/02/2019 11:46:02 AM PDT by Trump.Deplorable
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To: Jacquerie

restrict questions to finland us relations...

sheesh


10 posted on 10/02/2019 11:46:16 AM PDT by teeman8r (Armageddon won't be pretty, but it's not like it's the end of the world.)
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To: teeman8r

oops... wrong thread.


11 posted on 10/02/2019 11:46:39 AM PDT by teeman8r (Armageddon won't be pretty, but it's not like it's the end of the world.)
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To: mewzilla

I agree, but the House is DEM controlled, not GOP.


12 posted on 10/02/2019 11:47:04 AM PDT by GailA (Intractable Pain, a Subset of Chronic pain Last a Life TIME at Level 10.)
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To: Jacquerie

I might agree for allowing a federal bailout if:

1. Complete federal takeover of the state, its essentially reduced back to territorial status,

2. Complete audit of state holdings & methods of revenue generation. A plan for a path to solvency is implemented and put in place to act for 4 years. No internal state/territory legislature can change it!

3. Current state government invalidated to include all contracts, labor agreemens & state government positions,

4. State/territory can not return to full state status until solvency is reached. Option of breaking up the state into smaller more “financially” governable units if no other methods to reach solvency.

All completely likely unconstitutional. Maybe something like could be implemented within Constitutional boundaries.


13 posted on 10/02/2019 11:50:57 AM PDT by Reily
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To: Jacquerie

Absolutely.

The bail-outs are a transfer of wealth to Democrats.


14 posted on 10/02/2019 11:53:25 AM PDT by marktwain (President Trump and his supporters are the Resistance. His opponents are the Reactionaries.)
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To: marktwain

I like the idea of “back to territorial status.”


15 posted on 10/02/2019 11:56:52 AM PDT by Nabron
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To: AdmSmith; AnonymousConservative; Arthur Wildfire! March; Berosus; Bockscar; cardinal4; ColdOne; ...

16 posted on 10/02/2019 12:00:36 PM PDT by SunkenCiv (Imagine an imaginary menagerie manager imagining managing an imaginary menagerie.)
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To: Buckeye McFrog

Good point. Probably right.


17 posted on 10/02/2019 12:03:24 PM PDT by Jacquerie (ArticleVBlog.com)
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To: marktwain

The bail-outs are a transfer of wealth to Democrats.

**************

Bingo! Absolutely true.


18 posted on 10/02/2019 12:04:21 PM PDT by Starboard
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To: Jacquerie

Hell no! I believe in state’s rights. States set their own budgets. They are sovereign. If they mismanage their finances, that’s on them.

I don’t care about whatever scare tactics the profligate spenders try to trot out to get the federal government to force taxpayers in responsible states to bail out the profligate spenders either. They made their bed. Let them lie in it.


19 posted on 10/02/2019 12:07:32 PM PDT by FLT-bird
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To: Jacquerie

Don’t some states send more in taxes than they receive?


20 posted on 10/02/2019 12:19:22 PM PDT by RedStateRocker (Nuke Mecca. Deport all illegals. Abolish the DEA, IRS and ATF,.)
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