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Treasury Secretary: Federal Government Won’t Bail out ‘Mismanaged’ States
Epoch Times ^ | 04/29/2020 | Zachary Steiber

Posted on 04/29/2020 11:42:58 AM PDT by SeekAndFind

The federal funds being sent to states to help deal with the COVID-19 pandemic shouldn’t be used on matters unrelated to the pandemic, Treasury Secretary Steven Mnuchin said.

COVID-19 is a disease caused by the CCP (Chinese Communist Party) virus, a novel coronavirus from China.

The $150 billion approved by Congress in legislation signed by President Donald Trump is being sent to states to cover CCP virus-related expenses, Mnuchin said during an interview on CNBC’s “Squawk Box.”

“We’ve been clear that to the extent people have to use police to enforce coronavirus issues, public safety, things like that, that they could allocate that money to the coronavirus issues, but that this was not about lost revenues and that’s the way the bill was written,” he said.

“This isn’t just going to be a federal bailout of the states,” he added later. “This shouldn’t be a bailout of states that were mismanaged because of the coronavirus.”

Mnuchin has spoken with many governors, including New Jersey Gov. Phil Murphy, about funding.

Facing financial shortages, some governors have pressed for additional funds from the federal government, including New York Gov. Andrew Cuomo and Murphy.

“Our costs are going up serving folks who have lost their jobs, small businesses that have been crushed, folks who are in the healthcare system etc.,” Murphy said on the same show this week.

The National Governors Association, headed by Maryland Gov. Larry Hogan, has asked for $500 billion to replace revenue lost from shuttered businesses and millions of unemployed workers.

Some governors have said rules on using the funds already approved are too restrictive and might force them to return some of the money.

Top congressional Democrats have said they support additional federal funding to states, warning of massive layoffs if the money isn’t approved.

(Excerpt) Read more at theepochtimes.com ...


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: bailout; covid19; fed; states
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Senate Majority Leader Mitch McConnell (R-Ky.) has said some states could declare bankruptcy if they’re facing shortfalls. Current law prohibits states from declaring bankruptcy.

In talks with Democrats, Republicans will push to make sure money sent to states isn’t used to address past problems.

1 posted on 04/29/2020 11:42:58 AM PDT by SeekAndFind
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To: SeekAndFind

So let them figure it out themselves.


2 posted on 04/29/2020 11:44:55 AM PDT by TBP (Progressives lack compassion and tolerance. Their self-aggrandizement is all that matters.)
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To: SeekAndFind
Republicans will push to make sure money sent to states isn’t used to address past problems.

Yeah. Good luck with that.


3 posted on 04/29/2020 11:44:56 AM PDT by Buckeye McFrog (Patrick Henry would have been an anti-vaxxer)
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To: SeekAndFind

I got $100 says mitch caves on this, along with mail-in voting. Trump is all that stands between us and them.


4 posted on 04/29/2020 11:46:01 AM PDT by JoSixChip (I blame the teacher's unions)
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To: SeekAndFind

Somewhere in NYC are an extra mm face masks

https://www.zerohedge.com/health/price-gougers-caught-hoarding-one-million-face-masks-new-york-doj


5 posted on 04/29/2020 11:48:42 AM PDT by combat_boots (God bless Israel and all who protect and defend her. Merry Christmas! In God We Trust!)
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To: SeekAndFind

Single women should not be managing state business to begin with.


6 posted on 04/29/2020 11:48:46 AM PDT by coaster123 (XLV-MMXX)
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To: SeekAndFind

> Senate Majority Leader Mitch McConnell (R-Ky.) has said some states could declare bankruptcy if they’re facing shortfalls. <

How would that work? When an individual declares bankruptcy, his creditors have claim to at least some of his assets.

Would a state’s creditors have that same right? Probably not. Suppliers who are owed money, bond holders, etc. are probably just sh!t outta luck.


7 posted on 04/29/2020 11:50:12 AM PDT by Leaning Right (I have already previewed or do not wish to preview this composition.)
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To: SeekAndFind

Mismanaged states?
That rules out every single blue state. And some red states too.


8 posted on 04/29/2020 11:50:20 AM PDT by SmokingJoe
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To: SeekAndFind
Treasury Secretary: Federal Government Won’t Bail out ‘Mismanaged’ States

B.S. to English translation:

Treasury Secretary: Federal Government Will Bail out ‘Mismanaged’ States

9 posted on 04/29/2020 11:50:57 AM PDT by Texas Eagle (If it wasn't for double-standards, Liberaln would have no standards at all -- Texas Eagle)
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To: JoSixChip; SeekAndFind; Buckeye McFrog

10 posted on 04/29/2020 11:51:18 AM PDT by 4Liberty (A seasonal respiratory infection is being used - to demolish the U.S. financial system...)
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To: SeekAndFind

They need a bailout because they are so corrupt and incompetent and they would mismanage/misappropriate the bail out too!


11 posted on 04/29/2020 11:55:10 AM PDT by SMARTY ("Nobility is defined by the demands it makes on us - by obligations, not by rights".)
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To: SeekAndFind

They need a bailout because they are so corrupt and incompetent and they would mismanage/misappropriate the bail out too!


12 posted on 04/29/2020 11:55:10 AM PDT by SMARTY ("Nobility is defined by the demands it makes on us - by obligations, not by rights".)
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To: coaster123
I can't believe you just said that 🙈
13 posted on 04/29/2020 11:59:36 AM PDT by hawkaw
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To: SMARTY

They should raise taxes. Stop the bloated pensions and too many employees. Cut spending....a novel idea.


14 posted on 04/29/2020 12:01:04 PM PDT by ActresponsiblyinVA
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To: SeekAndFind

Let every state fire 25% of their workforce, and then we’ll talk.


15 posted on 04/29/2020 12:18:24 PM PDT by zeugma (Stop deluding yourself that America is still a free country.)
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“Our costs are going up serving folks who have lost their jobs, small businesses that have been crushed, folks who are in the healthcare system etc.,” Murphy said on the same show this week.

The states did this to themselves. Screw them. I suspect the usual suspects in Texas are going to drag out proposals for an income tax again. This should be resisted by any means necessary. I'm quite sure Texas is going to have some difficulties since it pretty much destroyed its sales tax revenue with this insane power grab. I'd suggest disbanding a few state agencies. Start with the TABC, and work your way down from there.

16 posted on 04/29/2020 12:22:20 PM PDT by zeugma (Stop deluding yourself that America is still a free country.)
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To: 4Liberty

The folks in 1776 never visualized people like these. I ,as an immigrant from 1956, am also flabbergasted. Incomprehensible !!


17 posted on 04/29/2020 12:27:57 PM PDT by 353FMG
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To: zeugma

They should name the states and be up front about it. No one from Texas should bail out NY.


18 posted on 04/29/2020 12:28:19 PM PDT by DIRTYSECRET (urope. Why do they put up with this.)
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To: SeekAndFind

It isn’t fair to make right to work states bail out states that promised what they can’t afford to unions.


19 posted on 04/29/2020 12:35:33 PM PDT by tbw2
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To: 353FMG

“Our constitution was made only for a moral and religious people. It is wholly inadequate to the government of any other.”

President John Adams

I think these buffoons fit the description of “any other”


20 posted on 04/29/2020 12:40:22 PM PDT by QualityMan
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