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 Path Is Sought for States to Escape Debt Burdens 
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Location: Friendswood, TX
 Path Is Sought for States to Escape Debt Burdens
Thank you frickin' John Cornyn! A$$hole!

Just another assault on state workers folks! Let's blame public employees while Wall Street continues with record profits and record bonuses.

GAH! I hate this! These folks do NOT make even HALF the money Wall Street does and yet the Republicans are trying to dismantle alll the Democratic legislation put into place to try to deal with rampant profits and corruption in the business world.

This just pi$$e$ me off!

Talk about misdirection! Oooh - look there goes a bunny!

Funny - not ONE state - not ONE - has asked for this.

So get ready folks! The next time you have to get your driver's license renewed, a building permit, services for your elderly parent - thank John Cornyn!
:censor :rant :flame


Policy makers are working behind the scenes to come up with a way to let states declare bankruptcy and get out from under crushing debts, including the pensions they have promised to retired public workers.

Unlike cities, the states are barred from seeking protection in federal bankruptcy court. Any effort to change that status would have to clear high constitutional hurdles because the states are considered sovereign.

But proponents say some states are so burdened that the only feasible way out may be bankruptcy, giving Illinois, for example, the opportunity to do what General Motors did with the federal government’s aid.

Beyond their short-term budget gaps, some states have deep structural problems, like insolvent pension funds, that are diverting money from essential public services like education and health care. Some members of Congress fear that it is just a matter of time before a state seeks a bailout, say bankruptcy lawyers who have been consulted by Congressional aides.

Read more here: http://www.nytimes.com/2011/01/21/business/economy/21bankruptcy.html?_r=1&hp

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Fri Jan 21, 2011 7:18 am
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