President Trump signaled opposition to bailing out states whose economies have collapsed under the weight of the coronavirus — bolstering an argument from Senate Majority Leader Mitch McConnell that has been met with bipartisan animus among governors
last week that individual localities should pursue bankruptcy rather than request more aid from the U.S. government to shore up their rapidly depleting reserves.
“If you want to do an analysis of who is a giver and who is a taker, we are the No. 1 giver. Nobody puts more money into the pot than the state of New York. We’re the No. 1 donor,” he said, adding that McConnell’s home state of Kentucky is one of the “taker states” that collects more federal dollars than it directs to the government through taxes.
and sarcastically daring Congress to rewrite bankruptcy law to allow states to declare. States do not have the ability to declare bankruptcy under current law, and modifying the bankruptcy code would likely prove a daunting task for lawmakers.McConnell’s stance on state bankruptcies, remarking that “it is hard for a governor, especially Andy, who is a relatively new governor, to stand up to a senior official and speak truth to power.
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