By Barry Paulson and John Merrifield, includes “… The states have not defaulted on their debt because of massive federal bailouts. In response to the 2008 financial crisis, and now the coronavirus pandemic, the federal government has extended trillions of dollars in state aid. The Federal Reserve has now allowed the states to designate municipal governments and public enterprises to access emergency lending programs directly. This massive bailout of our state and local governments is not only bankrupting the federal government, it is undermining the future of the nation.”