New York Gov. Andrew Cuomo issued a challenge to Senate Majority Leader Mitch McConnell on Friday daring him to pass a law allowing states to declare bankruptcy due to the economic damage imposed by the coronavirus outbreak.
“Your suggestion, Senator McConnell, pass the law, I dare you,” Cuomo said during his Friday press conference. “And then go to the president and 'say sign this bill allowing states to declare bankruptcy.' ...I dare you to do that.”
Cuomo reiterated that McConnell’s suggestion to permit states to declare bankruptcy is “a really dumb idea.”
“You want to send a signal to the markets that this nation is in real trouble? You want to send an international message that the economy is in turmoil? Do that," Cuomo said.
The GOP leader told radio host Hugh Hewitt on Tuesday he would support allowing states to declare bankruptcy rather than have the federal government spend money to bail them out.
“I would certainly be in favor of allowing states to use the bankruptcy route,” McConnell told Hewitt. “It saves some cities. And there’s no good reason for it not to be available. My guess is their first choice would be for the federal government to borrow money from future generations to send it down to them now so they don’t have to do that. That’s not something I’m going to be in favor of.”
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