Of course, almost every state will be getting a bail-out because virtually every state is in the Red with their finances. If California is refused, every other state would have to follow this precedent. I am against bailouts, but if Germany and The United States can bail out Greece, and the U.S. can also bailout Criminal Banks and a few Auto Companies, we are certainly going to happily bail out our own states and this is exactly the arguments that are going to be made when that time comes. It’s going to happen, unfortunately, and the ‘enthusiasm’ and ‘support’ to make it happen will definitely be there.
Sure why not turn over municipal & county governments to The Furher too
Unions want their payoffs but the cookie jar is empty.
The States wouldn’t need to be bailed out if they were forced to renegotiate the bloated Public Employee Unions’ benefits and pensions contracts. If those were cut to the same level as private industry provides its employees, the States would be able to fund everything else. Such a move would improve their credit ratings and let them borrow short-term if necessary.
So squashing the Gregg amendment means the States will not have imminent failure as a legal justification to renegotiate those union contracts.
US taxpayers already provided partial bailouts to states. It’s called Porkulus.