Pelosi proposes massive state bailout in next spending measure

[mystery-ak]

Pelosi proposes massive state bailout in next spending measure
by Susan Ferrechio
 | April 24, 2020 01:25 PM

House Speaker Nancy Pelosi said Democrats will seek a massive federal cash infusion for struggling state and local governments that is equivalent to the nearly $700 billion Congress has pumped into struggling businesses that have shut down due to the coronavirus outbreak.

“There will be a bill, and it will be expensive,” the California Democrat told reporters Friday in the U.S. Capitol.

Pelosi told reporters the size of the state and local government bailout “is probably a number equivalent of what we’ve done for small businesses.”

The House Thursday cleared a $484 billion measure that includes $310 billion for programs to help small businesses stay open. The measure is aimed at replenishing a small-business funding package signed into law on March 28 that allocated nearly $350 billion.

more
https://www.washingtonexaminer.com/news/congress/pelosi-proposes-massive-state-bailout-in-next-spending-measure

[Formerly Once-Ler]

$Half a Trill was a bit of a let down after the $2.2T law passed a month ago.  It passed unanimous in the Senate and only 5 nays in the House.  the rats are not taking full advantage of this crisis with their slow incremental approach to bankruptcy.  Now is the time to demand universal healthcare and universal income.  I don't think their heart is really in this.

[Mesaclone]

Pelosi proposes massive state bailout in next spending measure
by Susan Ferrechio
 | April 24, 2020 01:25 PM

House Speaker Nancy Pelosi said Democrats will seek a massive federal cash infusion for struggling state and local governments that is equivalent to the nearly $700 billion Congress has pumped into struggling businesses that have shut down due to the coronavirus outbreak.

“There will be a bill, and it will be expensive,” the California Democrat told reporters Friday in the U.S. Capitol.

Pelosi told reporters the size of the state and local government bailout “is probably a number equivalent of what we’ve done for small businesses.”

The House Thursday cleared a $484 billion measure that includes $310 billion for programs to help small businesses stay open. The measure is aimed at replenishing a small-business funding package signed into law on March 28 that allocated nearly $350 billion.

more
https://www.washingtonexaminer.com/news/congress/pelosi-proposes-massive-state-bailout-in-next-spending-measure

I am of two minds on this one.

If we're talking ONLY about state debt accumulated specifically and directly due to fighting Covid 19...then I'm OK with some federal assistance. That's really just disaster relief.

If we are talking about debt that state's...mostly Lefty states...have accumulated via stupid social policies and fiscal mismanagement PRIOR to February of this year...Hell F'ing no. Not a dime for that.

[Formerly Once-Ler]

I am of two minds on this one.

If we're talking ONLY about state debt accumulated specifically and directly due to fighting Covid 19...then I'm OK with some federal assistance. That's really just disaster relief.

If we are talking about debt that state's...mostly Lefty states...have accumulated via stupid social policies and fiscal mismanagement PRIOR to February of this year...Hell F'ing no. Not a dime for that.

@Mesaclone I suspect most people confronted by that scenario would agree.  I don't know how we quantify mismanagement though, when most liberals agree Kentucky is a net beneficiary of the Federal teat and California is getting screwed.

https://www.usatoday.com/story/money/economy/2019/03/20/how-much-federal-funding-each-state-receives-government/39202299/

It could cause some disagreements on how to proceed.  They may need some clarification on what states are net leeches.

[Mesaclone]

@Mesaclone I suspect most people confronted by that scenario would agree.  I don't know how we quantify mismanagement though, when most liberals agree Kentucky is a net beneficiary of the Federal teat and California is getting screwed.

https://www.usatoday.com/story/money/economy/2019/03/20/how-much-federal-funding-each-state-receives-government/39202299/

It could cause some disagreements on how to proceed.  They may need some clarification on what states are net leeches.

Don't really need to quantify it OTHER than this .... any debt a state had accumulated prior to Feb 1st belongs to the state in question and is not apt to be bailed out.

[Cyber Liberty]

Don't really need to quantify it OTHER than this .... any debt a state had accumulated prior to Feb 1st belongs to the state in question and is not apt to be bailed out.

Every state will declare their budget was balanced before 2/1/20. 

[Cyber Liberty]

@Mesaclone I suspect most people confronted by that scenario would agree.  I don't know how we quantify mismanagement though, when most liberals agree Kentucky is a net beneficiary of the Federal teat and California is getting screwed.

https://www.usatoday.com/story/money/economy/2019/03/20/how-much-federal-funding-each-state-receives-government/39202299/

It could cause some disagreements on how to proceed.  They may need some clarification on what states are net leeches.

There's that "Red States are welfare recipients" canard.  As if Federal Income Tax is the only drain on the States.

As for getting money to the States, why don't they pass another infrastructure stimulus package and block grant it to the States so they can use that to shore up their pension plans?  That's what they did when O'Bastard was the Preezy of the United Steezy.

[Formerly Once-Ler]

There's that "Red States are welfare recipients" canard.  As if Federal Income Tax is the only drain on the States.

As for getting money to the States, why don't they pass another infrastructure stimulus package and block grant it to the States so they can use that to shore up their pension plans?  That's what they did when O'Bastard was the Preezy of the United Steezy.

My mother is a state employee with a state pension plan.  She was smart enough to take herself out of the stock market when President Trump got elected.  For 3 years it looked like a dumb move.  When McConnell says let the states declare bankruptcy so they can raid their state pensions, I think he is a cold-hearted bastard, and good-f-ing luck winning WI.  JMHO.  Thanks for your interesting take though @Cyber Liberty .