Cuomo Tells McConnell: ‘I Dare You’ To Pass A Law Allowing States To Declare Bankruptcy

Like many others, New York is facing large budget shortfalls due to the pandemic, with Cuomo and other governors repeatedly calling for more federal funding to states.

New York is expecting roughly $13 billion in lost revenue due to coronavirus this year, amounting to a 14% revenue decline, Cuomo said. Between 2021 and 2024, the state projects it will lose another $61 billion as a result of the public health crisis.

“Some people have suggested that states should declare bankruptcy,” Cuomo said, referring to Senate Majority Leader Mitch McConnell’s comments on Thursday. “I think, as I said yesterday, it’s a really dumb idea.”

Putting aside the “absurdity” and questionable morality of the proposal, the New York governor said, states can’t even legally declare bankruptcy unless a federal law would is passed allowing them to do so.

“Pass the law, I dare you,” Cuomo told McConnell during his press conference. “Pass that bill, if you weren’t just playing politics.”

“We’ll see how many states actually take you up on it, I know I wouldn’t,” he said.