Mnuchin Says No Bailout for States With Badly Managed Budgets

YAHOO FINANCE

Treasury Secretary Steven Mnuchin said states that had poorly managed budgets before the Covid-19 outbreak sent their economies reeling should not be rescued by the federal government.

“This isn’t just going to be a federal bailout of the states,” Mnuchin said early Tuesday on CNBC. “States that had specifically large expenses because of the coronavirus, like New York and New Jersey, it was the right thing that the federal government gave them money.”

He said he approves of local governments using coronavirus funding to enforce public safety through law enforcement, but not for revenue lost because of the economic shutdown or “states that were mismanaged” before the pandemic hit.

READ MORE AT YAHOO FINANCE

Buy on Amazon!

Advertisements