By Karen McMahan
February 23, 2009
After the $700 billion bailout of the financial industry and the $17.4 billion bailout of domestic automakers, Americans are now being asked to pony up billions more to rescue states that have been fiscally irresponsible. A bailout, many argue, would not force states to re-examine their fiscal policies to prevent future deficits and instead would encourage them to continue to overspend.
With more than 41 states facing budget deficits in the current fiscal year, governors are asking the federal government for $1 trillion to help them pay for education, infrastructure projects, and a host of social and health-care programs, according to the National Conference of State Legislatures.
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