This morning, the House Oversight and Government Reform subcommittee began its first in a series of hearings on state and municipal debt. As is their wont, Republicans insist that this is another problem easily solved by spending cuts. Here, from The Wall Street Journal's liveblog, is how Rep. Patrick McHenry (R-NC) described the situation:
The GOP hewing to the talking points. Rep. McHenry ends his statement by calling for an end to "reckless spending" in the states and in Washington, and "unsustainable bailouts."