Senate Majority Leader Mitch McConnell said states struggling financially should declare bankruptcy. According to Business Insider, McConnell said it was better to do that than get a federal bailout. McConnell doesn’t like the idea of borrowing “money from future generations.” He said the huge amount of national debt was a reason for waiting until May to push for more coronavirus relief in Congress. States declaring bankruptcy has been criticized in the past because it hurts the bond market and leads to higher interest rates.
