"As Congress reconvenes next week to pass a $26 billion bailout of state and local governments entombed in their own deficits, we witness a foretaste of the crisis that will be the central event of the first half of next year: the collapse of state governments.
"As long as the Democrats control Congress, they will continue to rubber-stamp Obama's requests for bailouts of profligate states. But when the Republicans take control, they will be less than forthcoming. Republicans will ask the central question: Why should taxpayers from states that have cut their budgets and observed spending restraint, pay for the extravagances of the other states? Why should forty-seven states have to pay for California, New York, and Michigan?"