Fiscally Troubled States Today. A number of major states—for example, California—have been experiencing fiscal problems. Although no states have defaulted on their debts in recent years, a number of...

Fiscally Troubled States Today. A number of major states—for example, California—have been experiencing fiscal problems. Although no states have defaulted on their debts in recent years, a number of cities have. Should the federal government “bail out” the states and help them meet their debts? Give one argument in favor and one argument against this policy based on U.S history. (Related to Application 1 on page 382.)