Leftists in NY and IL have already bankrupted their states - and everyone else gets to pay for it. Hurray.
Help for problems created by the virus is one thing (and I have skepticism there), but getting on the hook for past financial sins, that is an entirely different matter.
Their is no bankruptcy law governing the states. If there were, it would allow states to spend like a drunken sailor and then get a free “do over”. Bankruptcy would let them discharge their debts. Instead, let them go broke, be poor, and reform their government and pay off their debts.
Their are many creative ways they could pay off their debts. For example, let them sell their parkland to developers. Waterfront property always brings a good price.