posted on Jan, 22 2011 @ 11:45 PM
(Reuters) - Legislation that would allow U.S. states to file for bankruptcy will likely be introduced in Congress within the next month, Newt
Gingrich, the former speaker of the House of Representatives and a powerful Republican party figure, told Reuters on Friday.
Gingrich appears to be taking a more active role again in politics and has been championing this bill.
Can someone please tell me how it's a good idea from states to default on their debt? Wouldn't the economic ramifications and consequences be huge?
Would it really leave the states in any better shape? Would they not be allowed credit for seven years like individuals are not?
When are they going to face the facts that the actions (or inactions in some cases) of the corporations and governments are what have eroded both our
tax base and our ability to provide jobs for Americans and focus on those issues?
(If this has already been posted...sorry I couldn't find it.)