With state revenues in free fall, governors are banging on the door
of Congress, calling on lawmakers to put assistance to the states at
the top of the list in the next economic stimulus package. In the
ubiquitous media shorthand, the states want a “bailout.”
This shorthand, however, muddies the issue and the stakes here.
Giving help to the states is not the same thing as opening up the
Treasury to shore up a failing private bank or manufacturer. States and
the federal government are partners. In… more