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Thread: U.S. Bills States $1.3 Billion in Interest Amid Tight Budgets

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    Default U.S. Bills States $1.3 Billion in Interest Amid Tight Budgets

    http://www.nytimes.com/2011/01/15/us...s.html?_r=1&hp

    http://tinyurl.com/46ve4ne

    By MICHAEL COOPER and MARY WILLIAMS WALSH
    Published: January 14, 2011

    As if states did not have enough on their plates getting their shaky finances in order, a new bill is coming due from the federal government, which will charge them $1.3 billion in interest this fall on the billions they have borrowed from Washington to pay unemployment benefits during the downturn.

    The interest cost, which has been looming in plain sight without attracting much attention, represents only a sliver of the huge deficits most states will have to grapple with this year But it comes as states are already cutting services, laying off employees and raising taxes. And it heralds a larger reckoning that many states will have to face before long: what to do about the $41 billion they have borrowed from the federal government to help them pay benefits to millions of unemployed people, a debt that federal officials say could rise to $80 billion.

    The states, when they borrowed the money, hoped that the economy would have turned around by the time the first interest payments came due, or that future Congresses might loosen the terms. But the economy did not turn around in time and the new Congress, dominated by Republicans determined to shrink the size of government, shows little appetite for deepening the federal deficit by bailing out the states.

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    Senior Member Franco's Avatar
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    The Feds shouldn't be in the business of bailing out states with financial difficulties. It is the responsibilty of the state to maintain a balanced budget. States need to make the difficult choices and not burden tax payers from other states.
    It's such a shame that in the USA, defending Liberty has become such a heroic deed.

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    Senior Member Leddyman's Avatar
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    I find it interesting that the states that are going under fastest are Dem controlled big union states. You swallowed it you choke it down.
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    Senior Member sinner's Avatar
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    I find it interesting that the states that are going under fastest are Dem controlled big union states. You swallowed it you choke it down.
    1.Is it the TRUTH?
    2.Is it FAIR to all concerned?
    3.Will it build GOODWILL and BETTER FRIENDSHIPS?
    4.Will it be BENEFICIAL to all concerned?
    International Rotary requirements before you speak!
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    Senior Member road kill's Avatar
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    Quote Originally Posted by sinner View Post
    I find it interesting that the states that are going under fastest are Dem controlled big union states. You swallowed it you choke it down.
    1.Is it the TRUTH?
    2.Is it FAIR to all concerned?
    3.Will it build GOODWILL and BETTER FRIENDSHIPS?
    4.Will it be BENEFICIAL to all concerned?

    International Rotary requirements before you speak!
    And.....how does this apply in your case??



    RK
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