[WildHighlander57]

reg45 wrote:

“If a state goes bankrupt, it should revert to its pre-state status. For most states that would be a territory, an independent republic, or an independent former colony.”

So, if CA goes bankrupt, then they’d go back to being the California Republic?

[Publius]

If a state declares bankruptcy, the following should happen.

• The state will lose its statehood and regain territorial status. The American flag will have one fewer star.
• The governor will be fired and replaced by a territorial governor appointed by the President.
• The legislature will be fired and replaced by a territorial legislature elected by the people.
• The congressmen and senators of the former state will be expelled from Congress.
• The former state will not vote in presidential elections.
• When a territorial constitutional convention writes a new state constitution acceptable to Congress, it will be considered for readmission as a state.
• If a neighboring state desires to annex all or part of the former state, Congress should consider it.
• Conversely, should the citizens of the former state decide to break the former state into smaller states, Congress should consider it.