On 30 June, a bill of at least $765bn came due for the 50 states. Unlike the national government, these jurisdictions cannot print money or run deficits without violating their constitutions. States rely on sales and income taxes for revenue, which along with much of the economy has collapsed under the coronavirus pandemic. Without a big infusion of federal funds, states may have to lay off employees, take a scythe to social service programs…
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