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'Too Big To Fail' States
Gerard N. Magliocca
出版
SSRN
, 2014
URL
http://books.google.com.hk/books?id=JLPhzwEACAAJ&hl=&source=gbs_api
註釋
This Essay explores the constitutional implications of a threatened default by a large state. Much like the huge financial institutions that became distressed in 2008, a large state might well be deemed too big to fail. If that kind of state seeks a federal bailout, it would hold most of the cards in any negotiation because Congress lacks the power to compel a state to pay its debts. After outlining this hold-up issue, the Essay concludes by assessing some possible responses by Congress, such as invoking the Guarantee Clause or imposing future fiscal penalties under the Spending Clause.