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 ...
Why should honest citizens be forced to bail out corrupt stupid democrat cities and states. The idiots in those states voted for the democrats - let ‘em rot.
Hear! Hear! This should be part of the GOP platform.
This should be part of the GOP platform.
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What platform? They don’t stand for anything except their own re-election.
Right, they voted for the mess and corruption so let them live with the consequences. Its their problem, not ours.
I say give them a limited bailout in return for giving up statehood.
Then make new states out of just the red counties.
I agree but I don’t see it being prohibited in the Constitution if the state agrees and I would only make new states out of the red counties, keep the blue hell holes as territories until they have been reformed.
Yes but would California, New York & Illinois ever agree?
Not likely!
“All completely likely unconstitutional. Maybe something like could be implemented within Constitutional boundaries.”
Dust off the 1867-68 Reconstruction Act. It was legally implemented and enforced.
If they don’t then let them collapse, declare they no longer have a republican form of government and occupy them to ensure one.(as mandated by the Constitution)
The occupation government can then agree to a bailout in return for becoming a territory.
So? What is your point?
Some states have large populations where retirees leave the state and take Social Security and Medicare with them. So?
Some states have huge open areas with significant federal spending on military bases and Interstate highways. So?
The whole purpose of national taxes is to address national needs.
There would be no point to national taxes if exactly the same amount of money from each state went back to that state. It would make more sense not to take the taxes in the first place.
Phrasing the question as taxes coming from and going to a state is an Orwellian way to look at the issue. It is just framing to push sending more money to Democrat states.
And I'm from Illinois. No federal money for states that cannot pay their own bills.
Here in the people's socialist republik of Illinois every damn type of tax that can be raised and implemented has been done and STILL the progressive libtards in this state spend every penny, never paying the bills.
People are leaving this state in droves. I'm interviewing for positions in Tennessee and South Carolina looking to leave myself.
Eventually people in this state will wise up and figure out the Democrats have wrecked this state. Don't think it'll happen in my lifetime, which is why I'm leaving.
Don't bail this state out, EVER. Make the fucktards that voted for this shit suffer. The rest of us who actually WORK for a living are leaving. Let Illinois become one big L.A. Homeless Camp for all I care.
Just eliminate unions for all public/government employees!
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