Senate Majority Leader Mitch McConnell said he favors allowing states to access bankruptcy protection over giving them more federal aid
Senate Majority Leader Mitch McConnell said Wednesday that he supports the idea of allowing states to use bankruptcy protection to cut their debts instead of supporting them with more federal aid.
Cities and smaller public entities have historically used bankruptcy protection to reduce pension obligations, bond debt and other financial burdens. But bankruptcy is a tool currently off-limits to state leaders. Federal law doesn’t give states a bankruptcy option and Congress isn’t actively considering any such proposal.
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