FinancialRegulatory
New York Gov. Cuomo rips Senate leader Mitch McConnell’s ‘really dumb’ suggestion to let states declare bankruptcy
April 23, 2020 / Kevin Breuninger
New York Gov. Andrew Cuomo tore into Sen. Mitch McConnell on Thursday over the Senate Republican leader’s support for letting states declare bankruptcy as they grapple with the coronavirus pandemic.
“This is one of the really dumb ideas of all time,” Cuomo, a Democrat, said during a press conference in Albany.
“You will see a collapse of this national economy” if states such as New York and California declare bankruptcy, Cuomo said. “So just don’t.”
On Wednesday, McConnell, of Kentucky, told radio host Hugh Hewitt that he supports allowing states to declare bankruptcy rather than getting federal money to cover budget shortfalls as tax revenue dives.
