Here's What Will Happen If U.S. States Went Bankrupt

Here’s What Will Happen If U.S. States Went Bankrupt

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On April 21, Senator Mitch McConnell stated he was in favor of the idea of letting states declare bankruptcy. The statement was met with fierce backlash from several politicians and sparked media commentary. While states cannot currently legally file for bankruptcy, some in the legal and political world are supportive of the idea, as many states are suffering significantly due to the coronavirus pandemic. Allowing states to go bankrupt would be a complex process, and not at all an option without significant risk. CNBC breaks down this complex issue. Watch.

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