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Thursday, April 30, 2020

Mnuchin Says No Bailout for States With Badly Managed Budgets

Treasury Secretary Steven Mnuchin said states that had poorly managed budgets before the Covid-19 outbreak sent their economies reeling should not be rescued by the federal government.

“This isn’t just going to be a federal bailout of the states,” Mnuchin said early Tuesday on CNBC. “States that had specifically large expenses because of the coronavirus, like New York and New Jersey, it was the right thing that the federal government gave them money.”

He said he approves of local governments using coronavirus funding to enforce public safety through law enforcement, but not for revenue lost because of the economic shutdown or “states that were mismanaged” before the pandemic hit.

President Donald Trump on Monday appeared to align himself with Senate Majority Leader Mitch McConnell, who has said Congress shouldn’t debate relief to cash-strapped states until lawmakers reconvene next week.

The Kentucky Republican has suggested states with large pension obligations under union contracts use bankruptcy as a way to manage shortfalls instead of receiving federal aid.

Senate Minority Leader Chuck Schumer on Tuesday continued to press for a large package of aid to states and local governments in the next pandemic relief measure, warning of a big potential reduction in public-sector jobs that could further hamper the economy.

“There’s going to be massive layoffs at the state and local level unless we get them money quickly,” Schumer said on MSNBC.

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10 comments:

Anonymous said...

That would be YOU fat Larry.

Open up NOW!

High Desert Dawg said...

As it should be. There IS ZERO reasons why any state should have to bail out another due to 1) Their irresponsible financial decisions 2) Their incessant caving to unrealistic union demands 3) Irresponsible pension deficits. NON of which is anybody's fault but their own. Governers, Mayors, and City council's NEED to quit awarding contracts to their friends, family, and "connected" outside contractors, and offering bonuses, and pensions, knowing they cant support them. END OF STORY!

Anonymous said...

AWESOME--DONT GIVE THOSE BASTARDS A DIME !!!! HOPEFULLY THEY WILL RENEGE ON THE OVERPAID GOV PENSIONS AND WELFARE PROGRAMS

Anonymous said...

How many are blue states?

Anonymous said...

Boy that would really make those loud mouth senators and governors squeal

Anonymous said...

All are blue states.

Anonymous said...

Good! Our state and cities will suffer, but it is on us to replace the irresponsible slime Hogan, Frosh, and Day with intelligent people who are truly public servants and know how to balance a budget and cut frivolous spending!

Anonymous said...

Nobody bailed me out but myself. Blood sweat and tears got my bills paid. Living within my means with no help from any government agency like these other bums.

YUM YUM YUM said...

oh for Pete's sake 344.....Larry is eating right now

he cant be bothered

Anonymous said...

If Maryland keeps taxing it's residents there will be no one left in the State to fund those who receive assistance from the Government. People are starting to move out of Maryland. PG county will survive because it's residents (mostly affirmative action government workers due to Obama) earn way over 129,000 a year not counting 5 weeks vacation, sick leave, family care leave - the list goes on. What do you Eastern Shore residents have - not that for sure.