In recent years, many state and local governments have encountered severe fiscal problems, partly because of the recession and financial crisis, and partly because of long-term pension and other obligations that outstrip revenue. This raises a number of important policy and legal questions, such as the extent to which it is desirable for federal and state governments to "bail out" fiscally troubled jurisdictions, and whether or not such governments can default on any of their obligations. If state or local governments become more dependent on federal funding, that may also have implications for the long-term future of American federalism. Our panelists, Prof. Sanford Levinson and Prof. David Skeel considered these issues.
- Professor Sanford V. Levinson, W. St. John Garwood and W. St. John Garwood, Jr. Centennial Chair, University of Texas School of Law
- Professor David A. Skeel, S. Samuel Arsht Professor of Corporate Law, University of Pennsylvania Law School