http://blogs.wsj.com/washwire/2011/01/24/cantor-no-federal-bailout-of-states/
There not much reason to pay attention to all the clap-trap the Republicans say about what they’re going to do (since they can’t do anything), but you can perk up and pay attention when they say what they’re NOT going to do because they can definitely block legislation.
Of course, even if Congress can’t act, can’t the Fed just transfer some digits to the State Controller’s account? It wouldn’t take but a few milliseconds.
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