.MaddowBlog: Cuomo's shot across McConnell's bow: 'I dare you'
"It's your suggestion, Senator McConnell? Pass the law; I dare you. And then go to the president and say, 'Sign this bill allowing states to declare bankruptcy.' You want to send a signal to the markets that this nation is in real trouble? You want to send an international message that the economy is in turmoil? Do that. Allow states to declare bankruptcy legally because you passed the bill. It will be the first time in our nation's history that that happened.
This is quickly shaping up to be one of the most important political fights of the season, so let's take a dive into the debate with a Q&A.By all appearances, yes. Most legal scholars agree that states can default on their debts -- there are even some historical precedents for this -- but they lack the authority to declare bankruptcy. It would require new statutory powers, which Congress would have to approve.He might try, but if so, he'd almost certainly fail.
So if the bankruptcy option isn't going to work out, Congress will have to rescue states with a round of economic aid, right? That would make sense, but McConnell and several other prominent Republicans are insisting that they have no intention of making the necessary investments, even as Democrats push for the aid., state and local governments are facing catastrophic conditions -- not because of mismanagement on their part, but because of the pandemic.
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