![]() ![]() Predictably, this triggered GOP lawmakers, including Senate Majority Leader Mitch McConnell (Ky.), who churlishly spoke of governors trying to get “free money” and mused about passing a new law to let distressed states go through bankruptcy, as Puerto Rico and Detroit have done. ![]() A partisan dispute has surfaced in the past few days, however, starting when the Illinois Senate president, a Democrat, asked for $10 billion in federal aid to his state’s badly managed public employee pension system, which has unfunded liabilities of $138 billion. Democrats and Republicans on the Hill seem supportive, as does President Trump. Next, Congress must come through with a new installment of unrestricted cash relief to spare state and local governments from massive and economically counterproductive cutbacks. The Federal Reserve has offered to purchase some short-term municipal debt. The federal government has helped already, with $150 billion in the Cares Act to help pay for unbudgeted expenses attributable to the pandemic.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |