[2banana]

They all expect a federal bailout.

[pepsionice]

Even if you came into the room with 500 billion dollars....that would be split up among forty cities and spent in a matter of one year....then what?

I don’t see cities like Chicago surviving intact in a decade.

[McGavin999]

They do expect the rest of us to bail them out. No

[dpetty121263]

Maybe they will start burning....

[Buckeye McFrog]

They all expect a federal bailout.

We all should have learned this lesson in 2009.

If you go to the United States Congress with a sufficiently butt-puckering Chicken Little tale of impending doom, you WILL get a bailout. Take it to the bank.

[NorthMountain]

They’re all run by DEMOCRATS.

[Reily]

Too bad there is not a constitutional way for states to go into receivership due to bankruptcy - in short they revert in most cases back to territory status with all state officers appointed by the federal government. The job of the territorial governor & officials is to restore the state finances. All state contracts are potentially invalidated after review. Counties that are fiscally solvent should be left alone. (but really up to the territorial governor!) The territorial governor has five years or less to get the states financial house in order. ( He fails a new governor/team is appointed and the clock starts again!) Then territory must operate fiscally solvent for no more then 5 years before returning to statehood. Maybe have PR federal income tax status for citizens while the state gets its house in order.