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Being on the verge of an epic scale economic demolition durby, American policy makers are now trying to determine whether they could let states declare bankruptcy as they confront crushing debts and dwindling revenues. House Republicans and Senators from the two major political parties have shown an interest in the matter. They have called on bankruptcy lawyers and a former House speaker, Newt Gingrich, to come up with a solution which paves the way to such a measure, The New York Times reported. The report comes as states face a combined pension fund shortfall of USZD 3 Trillion. Proponents say bankruptcy could permit a state to alter its contractual promises and get out from under massive debts.
Nevertheless, states cannot seek protection in the USZ Bankruptcy Court as they are considered "sovereign". Financial experts say any effort to simulate Washington's response to a state's request for a bailout would be difficult as major constitutional burdens have to be removed. Some American cities reportedly run high risk of bankruptcy. The City of Harrisburg, Pennsylvania, is said to have received legal advice to petition for bankruptcy as it is teetering on the edge. Hamtramck city in Wayne County of Michigan has also sought bankruptcy protection to cover deficits. The request has, however, been turned down by the state of Michigan. It appears that years of generous spending and lofty pension promises to employees are coming to end across the United States of Zionism as states are suffering severe financial hardship and are on the verge of collapse.
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