[NoControllingLegalAuthority]

States cannot technically declare bankruptcy under current law. They are exempt from bankruptcy law because they are "sovereign" entities.

It is quite a dilemma they can be insolvent but cannot erase their liabilities under current law.

This predicament makes insolvent U.S. states practically ungovernable and unable to sell bonds.

Insolvent states cannot pay their bills and current law gives them no place to turn.

[blam]

"Insolvent states cannot pay their bills and current law gives them no place to turn."

A failed state.

Let them die or be absorbed into other states who are willing to lend the bankrupt residents a hand.

This is what promising everything and spending like their is no tomorrow gets you.

Someone has to pay.

There is no such thing as something for nothing...ever!

[KSCITYBOY]

Very large constitutional issues involved. Remember “never let a good crisis go to waste”